1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Schach [20]
3 years ago
14

A firm with a production function Q = KL (where K is units of capital and L is units of labor) has an expansion path that is giv

en by K = 2L. The wage rate (W) is $20 and the rental on capital is $10. Assuming that the firm is using the optimal mix of inputs for any given output level, the total cost when using three units of labor is: $__________. A. 40 B. 80 C. 120 D. 160
Business
1 answer:
Charra [1.4K]3 years ago
4 0

Answer:

C. 120

Explanation:

The computation is shown below:

                                      (L × K)

<u>Labor L      Capital K   Quantity of Output Q         Total cost TC</u>

1                    2                      2                                       $40

2                   4                      8                                       $80

                                                                   (2 × $20 + 4 × $10)

3                    6                    18                                       $120

                                                                  (3 × $20 + 6 × $10)

4                    8                     32                                      $160

                                                                 (4 × $20 + 8 × $10)

As we can see that if we considered 3 units of labor so the total cost is $120

Hence, the correct option is c.

You might be interested in
What is khat's theory
nika2105 [10]

Kant's theory is a universal ethical principle and they are typically organized around the notion of a categorical imperative.

<h3>What is Kant's theory?</h3>

Kant's theory of ethics can be defined as a universal ethical principle which states that an individual should respect the humanity in others always, and they should always act in accordance with rules that holds for everyone only.

<h3>What are ethics?</h3>

Ethics can be defined as a set of both written and unwritten principles, values or rules of moral conduct that guides and governs human behaviors. It's a reflection that is typically based on identifying what is good or bad, right or wrong and just or unjust with respect to human behaviors.

Read more on ethics here: brainly.com/question/24277955

#SPJ1

Complete Question?

What is Kant's theory?

5 0
2 years ago
__ are products that have low immediate appeal but may benefit consumers in the long run.
BabaBlast [244]

Salutary products are products that have low immediate appeal but may benefit consumers in the long run.

<h3>What is Long Run?</h3>

There is a time frame known as the long run during which all cost and production elements are erratic. In the long run, businesses modify every expense, but in the short term, they can only affect prices by changing their production levels. A company may also anticipate competition in the long run, even though it may currently have a monopoly in the near term.

A long run is a span of time during which a manufacturer or producer can make production-related decisions with some latitude. Depending on the predicted profits, businesses can either increase or decrease their production capacity, or enter or leave a certain industry.

In order to achieve an equilibrium between supply and demand, firms that look at the long term understand that they cannot change output levels.

To know more about Long Run, visit

brainly.com/question/13029724

#SPJ4

7 0
1 year ago
In a fuel economy study, each of 3 race cars is tested using 5 different brands of gasoline at 7 test sites located in different
romanna [79]

Answer:

210

Explanation:

  • The number of race cars = N₁ = 3
  • The number of gasoline brands = N₂ = 5
  • The number of test sites = N₃ = 7
  • The number of drivers that participated = N₄ = 2

This study must include each N₁, and it has to be done at each N₃, using each N₂, while carried out by each N₄ ⇒ that means that the total number of possibilities:

N₁ x N₃ x N₂ x N₄ = 3 x 7 x 5 x 2 = 210

The total number of test runs is 210.

4 0
3 years ago
Under the CMT, the relevant risk to consider with any security is: ___________
geniusboy [140]

Answer:

<em>B</em><em>) its covariance with the market portfolio</em>

6 0
2 years ago
Increases in the rate of new product introduction lead to
Lapatulllka [165]

Answer:

shifts from innovative to functional products

5 0
2 years ago
Read 2 more answers
Other questions:
  • A rookie quarterback is negotiating his first NFL contract. His opportunity cost is 10%. He has been offered three possible 4-ye
    9·1 answer
  • Heath's company is currently producing 50 units of output. the price of the good is $5 per unit. total fixed costs are $30 and t
    7·1 answer
  • Rockland Corporation earned net income of $300,000 in 2014 and had 100,000 shares of common stock outstanding throughout the yea
    9·1 answer
  • Michael has written an e-mail to his employees that describes a new product special that will be introduced to the
    6·2 answers
  • Which of the following is a con of buying a franchise?
    9·1 answer
  • Which of the following statements is(are) true:
    7·1 answer
  • A competitive car wash currently hires 4 workers, who together can wash 80 cars per day. The market price of car washes is $5 pe
    13·1 answer
  • Suppose recent regulatory reforms relating to credit rating agencies are perceived to improve the reliability and accuracy of cr
    9·1 answer
  • PLEASE HELP
    7·1 answer
  • Match each hypothetical country’s aging structure to its most likely economic situation.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!