The quantity produced by a firm is given by the production function Q ( K , L
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Question:
The quantity produced by a firm is given by the production functionQ(K,L) = 30K1/5L1/4
whereKis the amount of capital andLis the amount of labour used in the production process.
Each unit of capital costswK = 3 and each unit of labour costswL = 4, and the firm sells its
product at fixed pricep= 5.
(i) Write down the firm's profit as a function ofKandL.
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