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Q. A competitive firm has a production function expressed as follows. Weekly output is the square root of the minimum of the number of units of capital also the number of units of labor employed every week. Suppose that in the short run this firm must use 16 units of capital but can vary its amount of labor freely.

a. Write down a formula that express the marginal product of labor in the short run as a function of the amount of labor used. (Be careful at the boundaries.)

b. If the wage is w = $1 also the price of output is p = $4, Elucidate how much labor will the firm demand in the short run?

c. Illustrate what if w = $1 also p = $10?

d. Write down an equation for the firms short-run demand for labor as a function of w also p.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9162056

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