Determine the units of capital and labour, Microeconomics

Assignment Help:

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


Related Discussions:- Determine the units of capital and labour

Discuss the language and methods of mathematics, Discuss about the language...

Discuss about the language and methods of mathematics in modern economics. Language and Methods of Mathematics: This section reviews some fundamental mathematics results

Theory of second best, What is the theory of Second Best? Prove the theore...

What is the theory of Second Best? Prove the theorem with the help of a diagram.

Production Possibility Curve, Explain the micro and macro economic issues t...

Explain the micro and macro economic issues that can be represented on the PPC

Canon, analyze Swot of Canon

analyze Swot of Canon

Technology of production, The Technology of Production *  The Productio...

The Technology of Production *  The Production Process - Combining inputs or the factors of production to attain an output *  Categories of Inputs (or the factors of prod

Report, How much does it cost

How much does it cost

Resilience in addition to strength, Resilience in Addition to Strength: ...

Resilience in Addition to Strength: The BOP has been in overall surplus since 1996-97 with forex reserves rising, on an average, by $8.50 billion per annum during 1996-97 to 2

The great depression, How did fixed exchange rates and the Golden Standard ...

How did fixed exchange rates and the Golden Standard affect the U.S. economy as well as other countries.

Nash equilibrium, Define Nash equilibrium and explain with the help of the ...

Define Nash equilibrium and explain with the help of the game ''prisoner''s dilemma''.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd