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A firm uses 1 capital for every 5 workers to produce 1 output. The price of output is $75, the wage rate is $8, and the rental rate for capital is $2 per unit. Assume capital is not a fixed cost.

a. What is the profit maximizing level of labor demand if K=5?

b. What is the short-run quantity produced?

c. What is the profit maximizing level of labor demand if Q=50?

d. (potentially hard) What is the long-run quantity produced? Don't assume Q=50.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939155

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