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Consider the production function of widget: Q = 29K0:4L07, where Q is units of output per month, Kis hours of capital and Lis hours of
Consider the production function of widget: Q = 29K0:4L07, where Q is units of output per month, Kis hours of capital and Lis hours of labour. Capital can be rented at $29 per hour, and labour can be hired at $48 per hour. What is the maximum level of output for a monthly production budget of $20300? Answer: units (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO 2 DECIMAL PLACES, AND NO SEPARATOR FOR THOUSANDS.)
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