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

question 73

Multiple Choice

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

• A) Y = 2
• B) Y = 6
• C) Y = 14
• D) Y = 8
• E) None of these answers are correct.

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Definitions:

Consumers

Individuals or groups who purchase goods and services for personal use.

Supported Corn Price

A predetermined price set by a government or other body to stabilize or support the market price of corn.

Surplus

An excess of supply over demand in a market, leading to lower prices, or a situation where income or revenue exceeds expenditures.

Corn Market

The corn market represents the global trade and economics surrounding the production, distribution, and consumption of corn.