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Competitive firm has the production function

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A competitive firm has the production function y = min{ √ L, √ K}, where L is labor and K is capital. Suppose that in the short run this firm must use 16 units of capital but can vary its amount of labor freely. 1 (a) Write down a formula that describes the marginal product of labor in the short run as a function of the amount of labor used. (b) If the wage is w = $1 and the price of output is p = $4, how much labor will the firm demand in the short run? (c) What if w = $1 and p = $10?

Reference no: EM13896582

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