Question
The production function at Ginko's Copy Shop is Q = 1000 x min (L, 3K) Where Q = copies per hour, L is the number
The production function at Ginko's Copy Shop is Q = 1000 x min (L, 3K) Where Q = copies per hour, L is the number of workers, and K is the number of copy machines. (a) If L = 4 and K = 1, what is the value of Q? Please show your calculations. (b) If L = 5 and K = 1, what is the value of Q? Please show your calculations. (c) What is the additional output when one additional unit of labor is hired?
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Microeconomics
Authors: Christopher T.S. Ragan, Richard G Lipsey
14th canadian Edition
321866347, 978-0321866349
