Production Function: q=32n+2nl+16l n is the size of net l is the hours of labor employed Total Cost: C=14+2n2+4l2 The price of fish is $2 per unit of fish What is the first order condition with respect to l?

Production Function: q=32n+2nl+16l n is the size of net l is the hours of labor employed Total Cost: C=14+2n2+4l2 The price of fish is $2 per unit of fish What is the first order condition with respect to l?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Production Function: q=32n+2nl+16l

n is the size of net

l is the hours of labor employed

Total Cost: C=14+2n²+4l²

The price of fish is $2 per unit of fish

What is the first order condition with respect to l?

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