Scenario 25-1

question 140

Multiple Choice

Scenario 25-1.An economy's production form takes the form Y = AF(L,K,H,N) .
-Refer to Scenario 25-1.If the production function has the constant-returns-to-scale property,then it can be rewritten as

• A)Y/L = AF(1,K/L,H/L,N/L)
• B)Y/L = AF(L,1,H/L,N/L)
• C)Y/L = AF(L,K/L,1,N/L)
• D)Y/L = AF(L,K/L,H/L,1)

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Definitions:

Raw Materials

Basic materials that are used in the production process to create goods and products.

Ethical Standards

Principles that guide conduct in business and professional practices to ensure fairness, transparency, and integrity.

Shipping Terms

Conditions agreed upon by the buyer and seller regarding the delivery of goods, including who is responsible for shipping costs and the risk of loss.

Depreciate

The structured allocation of a material asset's cost over its effective life.