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Shanice Calhoun
on Dec 01, 2024

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the production function is f(L, M) = 4L1/2 M1/2, where L is the number of units of labor and M is the number of machines used.If the cost of labor is $49 per unit and the cost of machines is $25 per unit, then the total cost of producing 7 units of output will be

A) $122.50.
B) $259.
C) $175.
D) $245.
E) None of the above.

Production Function

An analytical expression that shows how the amounts of different inputs determine the maximum quantity of output that can be produced.

Labor

The human effort, including both physical and mental exertion, used in the production of goods and services.

Machines

Mechanical or electronic devices that perform tasks or assist in carrying out tasks, ranging from simple tools to complex systems.

  • Calculate the comprehensive cost of production by adding the expenses for labor and machine use.
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JB
Jasmine BahremandDec 05, 2024
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