2. Karissa's firm uses only labor to produce its output, q, according to the following production technology: q=L³/2 for any amount of output between zero and four. However, when producing more than four units of output Karissa's technology changes to q=4+L. Given the price of the output is $1 and the wage price of labor is $3, what amount of labor does Karissa use to maximize profits? 4/9 4 9/2 16/9

2. Karissa's firm uses only labor to produce its output, q, according to the following production technology: q=L³/2 for any amount of output between zero and four. However, when producing more than four units of output Karissa's technology changes to q=4+L. Given the price of the output is $1 and the wage price of labor is $3, what amount of labor does Karissa use to maximize profits? 4/9 4 9/2 16/9

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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