Question
22) A Firm's production is as follows C(Q) = 20L 0.5 K 0.03 . They have one machine, which had a total cost of $120,
22) A Firm's production is as follows C(Q) = 20L0.5 K0.03 .
They have one machine, which had a total cost of $120, and labor costs $20 per hour. The selling price of the output is $10.
a) Find MPL
b) Find VMPL
c) What is the optimal amount of L
d) What is the firm's maximum output
e) What is the firm's maximum total profit.
(Do not provide hand written solution)
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Essentials Of Business Law
Authors: Jeffrey F Beatty, Susan S Samuelson
3rd Edition
0324537123, 9780324537123
