Suppose the Production Function Is Given by Q = 4K

question 143

Multiple Choice

Suppose the production function is given by Q = 4K + 3L.What is the average product of labor when 10 units of capital and 5 units of labor are employed?

• A) 3
• B) 4
• C) 11
• D) 45

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Definitions:

U.S. GDP

The total market value of all final goods and services produced within the United States in a given period, serving as a broad measure of its economic activity.

U.S. GNP

Gross National Product of the United States, representing the total dollar value of all goods and services produced over a specific time period by American citizens and businesses, regardless of where they are located.

French Citizen

An individual who holds citizenship in France, legally recognized as a member of the country with certain rights, responsibilities, and protections.

Produced Illegally

Goods or services manufactured or distributed in violation of laws.