Question
A firms production function is given by F(L,K) = L 1/3 K 1/3 . You also know that wage rate is $2, the price of
A firms production function is given by F(L,K) = L1/3K1/3. You also know that wage rate is $2, the price of capital is $2, and the price of product is $288.
In the SHORT-RUN, capital is fixed at 27 unit. How many units of Labor (L) should this firm hire?
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Using Excel For Principles Of Econometrics
Authors: R Carter Hill, Genevieve Briand
4th Edition
1118032101, 9781118032107
