Given the Production Function Q = Min {4K,3L},what Is the Average

question 102

Multiple Choice

Given the production function Q = min {4K,3L},what is the average product of capital when 8 units of capital and 16 units of labor are used?

• A) 16
• B) 2
• C) 4
• D) 32

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Definitions:

Strategic Plans

Forward-looking documents or frameworks developed by organizations to outline their long-term goals and the strategies for achieving them.

Control Subsystem

A component of a management system designed to regulate the operation and ensure activities are aligned with objectives.

PDCA Cycle

A method of process improvement comprising four steps: Plan, Do, Check, and Act.

Deming

Refers to W. Edwards Deming, a statistician and quality control expert who developed principles for improving business processes and product quality.