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. 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. b. 12 c. 24 d. 6

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3CQQ

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Question 16
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.

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