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jadehare591Lv1
28 Sep 2019
The short-run production function of Kapital & Co, a competitive firm, is given by
f(L)=6L2/3
where L is the amount of labor it uses.
(For those who would like help with the calculusâif total output is aLb, where a and b are constants, and where L is the amount of some factor of production, then the marginal product of L is given by the formula abLbâ1.)
The cost per unit of labor is w = 6 and the price per unit of output is p = 3.
How many units of labor will the firm hire? .
How much output will it produce? .
If the firm has no other costs, how much will its total profits be? .
The short-run production function of Kapital & Co, a competitive firm, is given by
f(L)=6L2/3
where L is the amount of labor it uses.
(For those who would like help with the calculusâif total output is aLb, where a and b are constants, and where L is the amount of some factor of production, then the marginal product of L is given by the formula abLbâ1.)
The cost per unit of labor is w = 6 and the price per unit of output is p = 3.
How many units of labor will the firm hire? .
How much output will it produce? .
If the firm has no other costs, how much will its total profits be? .
Sixta KovacekLv2
29 Sep 2019
