Question suppose that a firm uses both labor l and capital, Ask an Expert

Economics

Question: Suppose that a firm uses both labor (L) and capital (K) as inputs and has the long-run production function

Q = F(L, K) = L x(√L + K).

Suppose its capital is fixed at K= 3 in the short run.

a. How much does the firm produce in the short run (using efficient production methods) if it hires one worker? units of output.

b. How much does it produce in the short run if it hires two workers?

c. How much does it produce in the short run if it hires three workers?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92582797

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