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QUESTION 7 Questions 7-8 relate to the following table, which summarizes a firm's long-run production function: L=1 L=2 L=3 K= 1 1 2 3 K=2
QUESTION 7 Questions 7-8 relate to the following table, which summarizes a firm's long-run production function: L=1 L=2 L=3 K= 1 1 2 3 K=2 2 4 6 K=3 3 6 9 Which of the following could be the firm's long-run production function? O q = KL O q = K0.510.5 Oq = K + L none of the above QUESTION 8 When K=1, the marginal product of labor, MPL, is 01 02 3 none of the above
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