If the Production Function Is Given By $Y = K ^ { 1 / 3 } L ^ { 2 / 3 }$

question 16

Multiple Choice

If the production function is given by $Y = K ^ { 1 / 3 } L ^ { 2 / 3 }$ and K = 27 and L = 8, total output equals:

• A) Y = 1
• B) Y = 18
• C) Y = 12
• D) Y = 8
• E) None of these answers are correct.

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Definitions:

Premises

Statements or assumptions that form the basis for a reasoned argument or conclusion.

Conclusion

The end or finish of an event, process, or text, often containing a summary of the arguments or main points.

Inductive Argument

A form of reasoning in which the premises provide some evidence, but not full assurance, of the truth of the conclusion.

Analogy

Analyzing the similarities or differences between two items, usually to explain or make something clearer.