D D Question 1: Jerusha, a woodworker, builds coffee tables using both labor (L) and tools (capital, or K). Her production function for coffee tables is a Cobb-Douglas production function: Q = 4K0.5L0.5. Suppose that in the short-run, Jerusha only has 16 tools (K=16). Round your answers to the nears one-hundredth place (0.01). Do not enter fractions into the boxes. Question 1 Part a: What is Jerusha's short-run production function? Q = _L0.5 Question 2 Part b: Suppose Jerusha employs 9 workers. What is her total product in the short-run?

D D Question 1: Jerusha, a woodworker, builds coffee tables using both labor (L) and tools (capital, or K). Her production function for coffee tables is a Cobb-Douglas production function: Q = 4K0.5L0.5. Suppose that in the short-run, Jerusha only has 16 tools (K=16). Round your answers to the nears one-hundredth place (0.01). Do not enter fractions into the boxes. Question 1 Part a: What is Jerusha's short-run production function? Q = _L0.5 Question 2 Part b: Suppose Jerusha employs 9 workers. What is her total product in the short-run?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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