Chapter9: Production Functions
Section: Chapter Questions
Problem 9.5P
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QUESTION 2
The total production of a good y is determined by the production function y = 3L2/3K1/3, where L is labour input and K capital input.
The reward (factor prices) for labour and capital are, l = 27 en r = 2, respectively.
The producer needs to produce 9000 units of good y.
How much units of labour will he hire if he wants to miminize his total costs?
The total production of a good y is determined by the production function y = 3L2/3K1/3, where L is labour input and K capital input.
The reward (factor prices) for labour and capital are, l = 27 en r = 2, respectively.
The producer needs to produce 9000 units of good y.
How much units of labour will he hire if he wants to miminize his total costs?
1587,4
839,95
3000
515,23
839,95
3000
515,23
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