Please solve immidiately 1. Wiaget factory Inc. in Wisconsin has the fallowing production function:FILK) = 21 2 K1/2L represent the number of labour hours. Workers at this factory are paid an hourly wage of $30 andthey rent capital at $25/hcur. Sinca this is a competitive market, the factory output the factory getsper is output is $50 per unit.Let's pretand the firm operates in the shart run with capital fied at 900, how many factory workerswould Wiciget Factory Inc employ? Vhat is their profit rate?

here we calculate the profit rate by solving the equation as follow- Profit = TR-TC profit rate (…

1. Wiget factory Inc.in Wisconsin has the folowing production function: FILK) = 21 2 K1/2 L represent the number of labour hours. Workers at this factory are paid an hourly wage of $30 and they rent capital at $25/hour. Since this is a competitive market, the factory output the factory gets per is output is $50 per unit. Let's pretand the firm operatos in the shart run with capital fixed at 900, how many factory workers Would Widlget Factory Inc employ? What is their profit rate?

1. Wiget factory Inc.in Wisconsin has the folowing production function: FILK) = 21 2 K1/2 L represent the number of labour hours. Workers at this factory are paid an hourly wage of $30 and they rent capital at $25/hour. Since this is a competitive market, the factory output the factory gets per is output is $50 per unit. Let's pretand the firm operatos in the shart run with capital fixed at 900, how many factory workers Would Widlget Factory Inc employ? What is their profit rate?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 8SCQ: Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are...

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