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
calculate demand function is Q=100-P, where Q is quantity demand and P is price


How a manager determines the optimal number of employees in a project

Question 1: (a) Describe the different forms that foreign aid may take. (b) Does foreign aid lead to economic growth? Discuss. Question 2: (a) Distinguish between ec

Ask question how do I find the Price

Write the formulas to show the reactants and products for the following reactions. Assume that solutions are aqueous unless otherwise indicated. Represent substances in solutions a

economists would predict that if salaries increased for engginieers and decreasded for mba braduates that fewer people would go to graduate school in business and more would go in

Why does a price index based on constant weights tend to overstate inflation in periods after the base year when the price of one good is rising quickly compared to other goods?

what is economic model and role of assumptions in it.

User Cost of Capital = Economic Depreciation + (Interest Rate)(Value of Capital) - Example An Airline buys Boeing 737 for $150 million with the expected life of 30