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
The demand functions for two related commodities are expressed as follows    Q 1 = (12P 2 3/4 ) / (P 1 1/2 ) Q 2 = (24P 1 2 ) / (P 2 3/5 ) Where Q 1  and Q 2 are d

Differentiate the definition of economics as given by Prof. Marshall and Prof.Robbins. Illustrate the concept of production possibility curve .How PPC is helpful to solve econom

Prove that the utility approach and the indifference curve approach yield the same consumer equilibrium.

Why narrowness of definition of a commodity may influence price elasticity of demand

what is the significance of the Loucas critique in political economy?

Fixed input and variable input: A fixed input is that input whose quantity cannot be varied in the short-run when demand conditions require an increase or a decrease in produc

Quality Control: Standards and standardisation, quality systems, certification and inspections, measurement systems, testing laboratories, their accreditation and calibration

Q. Explain abput Capitalist Class? Capitalist Class:Group of individuals (which represents just a couple of percent of population in advanced capitalist countries) which contro

Ask question #Minimum 100 areanycurrentsubsidyorwelfareissueddiscussedoraddressedinparliamentwords accepted#

what is the relevance of microeconomic analysis in contemporary Nigerian economy