In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L, K), where q is output, L is workers, and K is the fixed number of units of capital. Production Labor (L) Output (q) 353 A specific equation for the production function is given by: 4 731 6 3 q = 8LK + 5L 8 1,493 10 or, when K = 21, 12 2,160 q = (8L × 21) + 5L² Use this equation to generate the values for output and fill in the table to the right. (Round your answers to the nearest integer.)

In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L, K), where q is output, L is workers, and K is the fixed number of units of capital. Production Labor (L) Output (q) 353 A specific equation for the production function is given by: 4 731 6 3 q = 8LK + 5L 8 1,493 10 or, when K = 21, 12 2,160 q = (8L × 21) + 5L² Use this equation to generate the values for output and fill in the table to the right. (Round your answers to the nearest integer.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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