(Answered) Suppose the production function for a competitive firm is q

Management Studies

Suppose the production function for a competitive firm is Q = K^.75L^.25. The firm sells its output at a price of $32 and can hire labor at a wage rate of $2. Capital is fixed at 1 unit.

a. What is the profit-maximizing quantity of labor?

b. If the price of capital is $4, what is the maximum profit?

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