f q = 4 lnL and the good is sold for $10 then if the wage rate is $5 the number of units of labor used would be............... and the wage bill (variable cost) will be ___________. a. 8, 40 b. 40, 8 c. 8, 8 d. 5, 50 e. none of the above. If the short run production function is given by q=(1/10)lnL and the price at which the good is sold is 100 then the demand for labor L is Group of answer choices a. 1/w b. 100/w c. 10/w d. unit elastic e. both c and d.
f q = 4 lnL and the good is sold for $10 then if the wage rate is $5 the number of units of labor used would be............... and the wage bill (variable cost) will be ___________. a. 8, 40 b. 40, 8 c. 8, 8 d. 5, 50 e. none of the above. If the short run production function is given by q=(1/10)lnL and the price at which the good is sold is 100 then the demand for labor L is Group of answer choices a. 1/w b. 100/w c. 10/w d. unit elastic e. both c and d.
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter18: Pricing The Factors Of Production
Section: Chapter Questions
Problem 7DQ
Related questions
Question
If q = 4 lnL and the good is sold for $10 then if the wage rate is $5 the number of units of labor used would be...............
and the wage bill (variable cost) will be ___________.
a. 8, 40
b. 40, 8
c. 8, 8
d. 5, 50
e. none of the above.
If the short run production function is given by q=(1/10)lnL and the price at which the good is sold is 100 then the demand for labor L is
Group of answer choices
a. 1/w
b. 100/w
c. 10/w
d. unit elastic
e. both c and d.
f. None of the above
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc