Multiple Choice
The Cobb-Douglas production function for a beer manufacturer is q=1.52L0.6K0.4. Assume that the firm's capital is fixed at 250 units, the rental rate of capital is $5 per unit, and the wage rate is $10 per hour. The amount of labor needed to produce q units of output is
A) 0.0124q.
B) 13.832q0.6.
C) 0.0124q1.67.
D) 13.832q1.67.
Correct Answer:
Verified
Correct Answer:
Verified
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