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In: Economics

If the consumption function is given by the equation C = 500 +0.5Y, the production...

If the consumption function is given by the equation C = 500 + 0.5Y, the production function is Y = 50K0.5L0.5, where K = 100 and L = 100, then C equals:

3,000.

5,000.

2,500.

1,000.

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Expert Solution

OPTION A 3000

Rahul Sunny answered 2 years ago
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