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Homework answers / question archive / The manager of a live stock feed company faces a production function Q=2L^0
The manager of a live stock feed company faces a production function Q=2L^0.5 K^0.5 where K represents capital equipment and L is labour.Assume the company has spent $16,000 4 units of capital equipment it owns.If workers at the firm are paid a competitive wage of $100 per worker and Feed Can be sold for $200 per unit. 1.what is your profit maximising level of output and labour usage 2.what is your maximum profit 3.Use the production function to get the profit function.
