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Production function for a competitive firm is Q = K2/3 L1/2

Question # 00183057
Subject: Economics
Due on: 01/30/2016
Posted On: 01/30/2016 11:51 AM

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Production function for a competitive firm is Q = K2/3 L1/2. The firm sells its product at $100 in a competitive market and can hire labor at a constant rate of wage of $50 per unit of time. Capital is fixed at 8,000 units. Determine the profit maximizing quantity of labor (L).

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Production function for a competitive firm is Q = K2/3 L1/2

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Posted On: 01/30/2016 11:51 AM
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Tutorial Preview …= xxxxx Q x (8000^(2/3)) L^(1/2) x 400 L^(1/2) xxxxxxxx product xx xxxxx =…
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