Asked by Preet Sangha on Jun 16, 2024
Verified
We manufacturer automobiles given the production function q = 5KL where q is the number of autos assembled per eight-hour shift, K is the number of robots used on the assembly line (capital) and L is the number of workers hired per hour (labor) . If we use K = 10 robots and L = 10 workers in order to produce q = 450 autos per shift, then we know that production is:
A) technologically efficient.
B) technologically inefficient.
C) maximized.
D) optimal.
Technologically Efficient
A state of production where it is not possible to increase the production of one good without decreasing the production of another, given current technology.
Autos Assembled
The total count or volume of automobiles manufactured and put together in a production process within a specific time frame.
Robots
Machines or automated systems capable of carrying out a series of actions automatically, either through programming or via artificial intelligence.
- Attain familiarity with the concept of a production function and its contribution to improving efficiency across different production techniques.
Verified Answer
Learning Objectives
- Attain familiarity with the concept of a production function and its contribution to improving efficiency across different production techniques.
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