The Capital Stock Is Fixed at 50 Units,the Price of Capital

question 14

Multiple Choice

The capital stock is fixed at 50 units,the price of capital is $30 per unit,and the price of labor is $25 per unit. Given the above,if the firm produces 30 units of output,how many units of labor does the firm use?

• A)30
• B)45
• C)54
• D)60
• E)none of the above

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Definitions:

Categorical Variables

Variables that represent types or categories that can be named or labeled without implying any numerical order.

Cases

Instances or occurrences of a particular condition or category being studied in research or documented in various fields such as law or medicine.

Arithmetic Operations

Basic mathematical computations including addition, subtraction, multiplication, and division.

Categorical

Pertaining to data that can be divided into specific groups or categories that are qualitatively distinct.