Question
You manage a plant with the following production function: f(L,K) = 10L^1/3 K^2/3. As the manager, you agreed with your worker's union that you will
You manage a plant with the following production function: f(L,K) = 10L^1/3 K^2/3. As the manager, you agreed with your worker's union that you will hire 100 workers.
w=$18 r=$9 q=600
A) What is the minimum price you can charge for your product under the current union contract? What is the minimum price you can charge if there was no union contract?
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Macroeconomics
Authors: Glenn Hubbard, Anthony Patrick O'Brien, Matthew P Rafferty
1st Edition
978-0132109994, 0132109999
