The short-run production function of a competitive firm is given by f(L) = 6L²/3 where L is the amount of labor it uses. The cost per unit of labor is w = 6 and the price per unit of output is p = 3. What is the total profit if there is no other cost? Select one: a. 8 b. 12 C. 24 d. 6

The short-run production function of a competitive firm is given by f(L) = 6L²/3 where L is the amount of labor it uses. The cost per unit of labor is w = 6 and the price per unit of output is p = 3. What is the total profit if there is no other cost? Select one: a. 8 b. 12 C. 24 d. 6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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