Multiple Choice
The Wilson Corporation produces output according to Q = 4(KL) 1/2,where K is the amount of capital used and L is the amount of labor employed.If capital costs $2 per unit and labor costs $8 per unit,Wilson's minimized long-run average total cost is:
A) $2.
B) $2Q.
C) $10.
D) $10Q.
E) $22.
Correct Answer:
Verified
Correct Answer:
Verified
Q4: Bill's Mechanical Devices Inc.produces robots for the
Q5: Brandy's Restaurant estimates that its total cost
Q6: If there is only one variable input,average
Q7: Hedge Fun is a landscaping firm that
Q8: Economies of scope exist when it is
Q10: The following figure represents the short-run total
Q11: Whenever average variable cost is declining with
Q12: Gerry works 40 hours a week managing
Q13: Short-run marginal cost eventually increases with increasing
Q14: Minimum efficient scale is the output at