You run a firm using two rented machines, the cost of rent is 100 each. Wage per worker (L) is 200. Theoutput table is as follows:L (workers)Q0011410142345617Answer:1920If the price is $67, how much is your profit?

The objective of the question is to calculate the profit of the firm given the cost of rent, wage…

Answered: You run a firm using two rented…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A competitive firm's production function is f(L, M) = 8L¹/2 + 8M1/2. The price of L is $1 and the price of M is $3. The marginal product of L is 4/L1/2 and that of Mis 4/M¹/2. The price of output is $6. What is quantity of output? the profit-maximizing 512 516 244 256
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You run a firm using two rented machines, the cost of rent is 100 each. Wage per worker (L) is 200. The output table is as follows: L (workers) Q 0 0 11 4 10 14 2 3 4 5 6 17 Answer: 19 20 If the price is $67, how much is your profit?