AlphaBee's production function is given by fik.l) = [ min{31,2k} j05, AlphaBee can sell its product at $30 per unit, can hire as many workers as necessary at wage w = $15, and use as much capital as necessary at a price r= $19. It does not face fixed costs. How many units does the firm produce? Hint: First, find AlphaBee's cost function. Enter a numerical value below. You may round to the second decimal if necessary.

AlphaBee's production function is given by fik.l) = [ min{31,2k} j05, AlphaBee can sell its product at $30 per unit, can hire as many workers as necessary at wage w = $15, and use as much capital as necessary at a price r= $19. It does not face fixed costs. How many units does the firm produce? Hint: First, find AlphaBee's cost function. Enter a numerical value below. You may round to the second decimal if necessary.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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