Given the following production function
Q = F(K,L) = K^3/4 L^1/4
a) find an expression for the marginal product of labor, MPL, when the amount of capital is fixed at 16 units.
b) Suppose capital is fixed at 16 units. If the firm can sell its output at a price of $100 per unit and can hire labor at $25 per unit, how many units of labor should the firm hire in order to maximize profits?
Recently Asked Questions
- ) The organized set of chemical processes that characterize living things are catalyzed and controlled by enzymes . Which of the following words describes the
- Which of the following mutations might give rise to Down 's syndrome ? 3PTS
- During which phase of growth are bacteria most susceptible to antibiotics ?