Question 3A firm can produce according to the following production function: Q = F(K,L) =20K0.410.6. Capital is fixed at 1 unit and it is rented at $500 per unit. The firm cansell its output at a price of $80 per unit and can hire labor at $100 per worker perday. Given this information, optimal production, Q* =Instruction: Round your responses to no decimal place. Do not round values ifused to complete other calculations.Question 4A firm can produce according to the following production function: Q = F(K,L) =20K04L0.6. Capital is fixed at 1 unit and it is rented at $500 per unit. The firm cansell its output at a price of $80 per unit and can hire labor at $100 per worker perday. Given this information, optimal profits for the firm are = $___.Instruction: Round your responses to no decimal place. Do not round values ifused to complete other calculations.

1. Production Function: - This function represents the relationship between the quantities of…

A firm can produce according to the following production function: Q = F(K,L) = 20K04L0.6. Capital is fixed at 1 unit and it is rented at $500 per unit. The firm can sell its output at a price of $80 per unit and can hire labor at $100 per worker pe day. Given this information, optimal production, Q* = Instruction: Round your responses to no decimal place. Do not round values if used to complete other calculations.

A firm can produce according to the following production function: Q = F(K,L) = 20K04L0.6. Capital is fixed at 1 unit and it is rented at $500 per unit. The firm can sell its output at a price of $80 per unit and can hire labor at $100 per worker pe day. Given this information, optimal production, Q* = Instruction: Round your responses to no decimal place. Do not round values if used to complete other calculations.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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