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Question - A firm's production function is: Q = 6K1/3 L2/3 and capital is fixed at 125 units. The firm can sell its output at a price of $200 per unit, hire labor at $20 a unit, and rent capital at $40 a unit.
a. Determine the optimum level of labor and output to maximize profits.
b. Calculate the level of profits at the profit-maximizing level of labor and output given that capital is fixed at 125 units.
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d. Why, as a manager, it is important to understand the relationship between average costs, marginal costs, average productivity, and marginal productivity?
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