What was the advice of the headmistress of Evelyn regariding her hearing problem?
Answers
Answer:
manager hires labour and rent capital equipment in a very competitive market. Currently the wage rate is 2 Ghana cedis per hour and the capital is rented at 5Ghana cedis per hour, the unit price of the product is 0.25 and total cost is 1000. Suppose the firm production function is as Q=14k to the power 0.5 L to the power 0.5+10. What is the amount of labour and capital the firm should employ in order to maximize output and what is the maximum profit
Explanation:
manager hires labour and rent capital equipment in a very competitive market. Currently the wage rate is 2 Ghana cedis per hour and the capital is rented at 5Ghana cedis per hour, the unit price of the product is 0.25 and total cost is 1000. Suppose the firm production function is as Q=14k to the power 0.5 L to the power 0.5+10. What is the amount of labour and capital the firm should employ in order to maximize output and what is the maximum profit