Suppose that the production function can be written as Q = - ProProfs Discuss
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Suppose that the production function can be written as Q = K0.6 L0.3 . In the long run,



A. LRAC is negatively sloped for all levels of output.
B. The firm hires twice as much capital as labor
C. LRAC is positively sloped for all levels of output.
D. The marginal product of capital is twice the marginal product of labor
E. None of the above

This question is part of Chapter 7: Microeconomics
Asked by Twright, Last updated: Mar 13, 2020

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1 Answer

John Smith

John Smith

Answered Mar 18, 2017

C. LRAC is positively sloped for all levels of output.
 

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