If labor is paid 100 and your average tool price is 250, Ask an Expert

Economics

As a manager of Kennametal your tool division has the following production function Q= 10K^(1/2)L^(1/2) where K is capital and L is labor. Right now you are faced with a fixed amount of 9 units of capital and cannot change this. If labor is paid $100 and your average tool price is $250 what is profixt maximizing level of output and labor? What is your maximum profit?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9435628

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