Rikell company produces helmets using labor (L) and capital (K). Its production function is given by the following expression Qamint 90 L 23 K where Q is the output of helmets The prices of labor (PL), capital (PK), helmet (P) and the cost (C) are the following: PL=3, PK-2, P-34 and C=5221 What is the profit maximizing amount of capital that Rikell should hire ? Selected Answer: Correct Answer: 2.610.5 1,887.11 : 5%

Rikell company produces helmets using labor (L) and capital (K). Its production function is given by the following expression Qamint 90 L 23 K where Q is the output of helmets The prices of labor (PL), capital (PK), helmet (P) and the cost (C) are the following: PL=3, PK-2, P-34 and C=5221 What is the profit maximizing amount of capital that Rikell should hire ? Selected Answer: Correct Answer: 2.610.5 1,887.11 : 5%

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

Rikell company produces helmets using labor (L) and capital (K). Its production function is given by the following expression
X
Qamint 90 L 23 K
where Q is the output of helmets
The prices of labor (PL), capital (PK), helmet (P) and the cost (C) are the following:
PL 3, PK-2, P-34 and C=5221
What is the profit maximizing amount of capital that Rkell should hire?
Selected Answer:
Correct Answer:
2.610.5
1,887.11 : 5%

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