Suppose That Production for Good X Is Characterized by the Following

question 99

Multiple Choice

Suppose that production for good X is characterized by the following production function,Q = K^0.5L^0.5,where K is the fixed input in the short run.If the per-unit rental rate of capital,r,is $86.80 and the per-unit wage,w,is $20,then the average total cost of using 25 units of capital and 49 units of labor is:

• A) $5.
• B) $75.
• C) $90.
• D) There is insufficient information to determine the average total costs.

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Definitions:

External Variables

Factors outside the individual that can influence behavior or outcomes, including social, economic, and physical environment conditions.

Predictable Ways

Patterns or behaviors that occur in a manner that can be anticipated based on previous observations or known principles.

Behavior Modification Programs

A form of therapy that uses reinforcement or punishment to alter behavior, based on the principles of operant conditioning.

Unconscious Motivating Forces

The underlying, often unrecognized drives originating in the unconscious mind that influence an individual's actions and feelings.