You are trying to determine what your firm should pay its workers. You have determined your firm's production function is: Q- 4"K1/2)L^(1/2) MP(L) = 2"K(1/2LM-1/2) Your firm currently uses 109 units of capital and 1,707 units of labor. The market price for your firm's product is currently $84. Determine the wage for your firm's employees

You are trying to determine what your firm should pay its workers. You have determined your firm's production function is: Q- 4"K1/2)L^(1/2) MP(L) = 2"K(1/2LM-1/2) Your firm currently uses 109 units of capital and 1,707 units of labor. The market price for your firm's product is currently $84. Determine the wage for your firm's employees

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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