Determine the units of capital and labour, Microeconomics

The production function for a firm is expressed as follows:

Q = 800K - K2 +5KL - 7750L + 10,000

Where Q is quantity of units manufactured, K and L are units of capital and labour used respectively.

Determine

i) The units of capital and labour that the firm should hire to maximize output. [As usual, you are expected to check the 2nd order condition]                                                                            

ii) Maximum output

Posted Date: 3/8/2013 5:43:10 AM | Location : United States







Related Discussions:- Determine the units of capital and labour, Assignment Help, Ask Question on Determine the units of capital and labour, Get Answer, Expert's Help, Determine the units of capital and labour Discussions

Write discussion on Determine the units of capital and labour
Your posts are moderated
Related Questions
solution for calculate price elasticity of demand for demand function Q= 10 - 2p for decrease in price from Rs. 3 to Rs.2..

VIVIDLY EXPLAIN WHAT THE RAWLSIAN SOCIAL WELFARE ENTAILS

detail of consumer surplus with examples

A newspaper recently lowered its price from 50 cents to 30 cents. As it did, the number of newspapers it sold increased from 240,000 to 280,000. i)   Over this price range what

Compare and contrast the different measures of revenue

The reduced row echelon form of  A=    is equal to R = (a)  What can you say about row 3 of A? Give an example of a possible third row for A. (b)  Determine the values o

a.  Referring to the table below and using the "Rule of 70," comment on long-term changes in the standard of living in the United States?  b.  Would you rather live in the Unite

Durability of the Commodity: With some commodities, we require one at a time and they are used for a very long time before they get spoilt. Examples of such goods are cars, tele

How to solve economics assignment help?

Q. What do you mean by Benefits? The benefit of a project, policy or programme is the positive, expected aspect of an outcome, including the improvement in environmental qualit