A competitive firm's production function is f(L, M) = 8L1/2 + 8M1/2. The price of L is $1 and the price of M is $3. The marginal product of L is 4/L1/2 and that of M is 4/M¹/2. The price of output is $6. What is quantity of output? the profit-maximizing 512 516 244 256
A competitive firm's production function is f(L, M) = 8L1/2 + 8M1/2. The price of L is $1 and the price of M is $3. The marginal product of L is 4/L1/2 and that of M is 4/M¹/2. The price of output is $6. What is quantity of output? the profit-maximizing 512 516 244 256
Chapter1: Making Economics Decisions
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![A competitive firm's production function is f(L, M) = 8L¹/2 + 8M1/2. The price of L is $1 and the price of
M is $3. The marginal product of L is 4/L1/2 and that of Mis 4/M¹/2. The price of output is $6. What is
quantity of output?
the profit-maximizing
512
516
244
256](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fde3f06ed-0bc4-4a95-8594-b4ce81ef0ff2%2Fcbc74bbc-7dc3-4df9-9a04-1f1747859b86%2Fa68y38i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A competitive firm's production function is f(L, M) = 8L¹/2 + 8M1/2. The price of L is $1 and the price of
M is $3. The marginal product of L is 4/L1/2 and that of Mis 4/M¹/2. The price of output is $6. What is
quantity of output?
the profit-maximizing
512
516
244
256
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