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Q. Let us assume that the government in a country has a mandate that the banks should give loans to companies generating more than 1000 jobs.
In this context, Bank A has received a loan request from a multinational company producing electronic gadgets, whose estimated production function is,
Q=5*L^0.6 K^0.8
where Q = annual output measured in pounds,
L = labor measured in labour hours,
K = capital measured in machine hours.
The employees earn $75 per hour. The firm estimates a rental rate of $50 per hour on capital. The firm has a budget of $500,000.
Determine the firm's optimal labor employment and check whether the bank should give the loan, as per the government's mandate.
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