Suppose a production function for a firm takes the following algebraic form: Q = 4KL - (0.2)L", where Q is the output of sweaters per day. Now suppose the firm isoperating with 12 units of capital (K = 12) and 11 units of labour (L = 11). What is the output of sweaters?ignO A. 108 sweaters per dayHotO B. 467 sweaters per dayOC. 459 sweaters per dayke aO D. 526 sweaters per dayO E. 504 sweaters per dayClear allCheck answerEtext pagesGrapherAsk my instructorReviewResumeMacBook Pro*&#$%@781234YQWEJKASDFMZCVこのつエくO

Answer: Given, Production function: Q=4KL-0.2L2K=12L=11Let us substitute the values of K and L in…

Suppose a production function for a firm takes the following algebraic form: Q= 4KL - (0.2)L, where Q is the output of sweaters per day. Now suppose the firm is operating with 12 units of capital (K = 12) and 11 units of labour (L = 11). What is the output of sweaters? O A. 108 sweaters per day B. 467 sweaters per day C. 459 sweaters per day O D. 526 sweaters per day E. 504 sweaters per day

Suppose a production function for a firm takes the following algebraic form: Q= 4KL - (0.2)L, where Q is the output of sweaters per day. Now suppose the firm is operating with 12 units of capital (K = 12) and 11 units of labour (L = 11). What is the output of sweaters? O A. 108 sweaters per day B. 467 sweaters per day C. 459 sweaters per day O D. 526 sweaters per day E. 504 sweaters per day

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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