The Production Function for Good X Exhibited in the Table
Question 24
Question 24
Multiple Choice
The production function for good X exhibited in the table below is for the: Production Function far God XL∗ Labor 9999999999999K Capital 0102030405060708090100110120Q Output 0573246571,0721,5241,9762,3912,7242,9913,0483,0162,945MK=(ΔQ/ΔK) Product of Capital −5.726.733.341.545.245.241.533.3A5.7−3.2−7.1MPK=(Q/K) Mverage Product of Capital −5.7016.20B26.8030.4832.9334.1634.0533.2330.4827.4224.54
A) long run, since K is the fixed input. B) short run, since L is the fixed input. C) long run, since K is the variable input. D) short run, since L is the variable input.
Correct Answer:
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