Question
The production function for a competitive firm is Q = K .5 L .5 . The firm sells its output at a price of $10,
The production function for a competitive firm is Q = K.5L.5. The firm sells its output at a price of $10, and can hire labor at a wage of $5. Capital is fixed at one unit. The profit-maximizing quantity of labor is:
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Economics Today
Authors: Roger LeRoy Miller
16th edition
132554615, 978-0132554619
