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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?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. Wiaget factory Inc. in Wisconsin has the fallowing 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/hcur. Sinca this is a competitive market, the factory output the factory gets per is output is $50 per unit. Let's pretand the firm operates in the shart run with capital fied at 900, how many factory workers would Wiciget Factory Inc employ? Vhat is their profit rate?
Transcribed Image Text:1. Wiaget factory Inc. in Wisconsin has the fallowing 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/hcur. Sinca this is a competitive market, the factory output the factory gets per is output is $50 per unit. Let's pretand the firm operates in the shart run with capital fied at 900, how many factory workers would Wiciget Factory Inc employ? Vhat is their profit rate?
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