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Problem: A company's production function is q(L,K)=.25K^0.25L^0.75 where q is the number of electrical fittings, L is labor measured in person hours, and K is capital measured in machine hours. Employees earn $45 per hour and the rental rate is $45 per machine hour. The project requires you to produce q = 617 electrical fittings.
Required:
a. How many capital machine hours and labor hours will you need to employ to minimize costs?
b. How much will it end up costing your company to produce this amount
c. You are currently negotiating with a newly organized union of electricians and you find out the wage may rise to $60. Explain what you expect to happen to the firm's employment of capital and labor if this were to happen.
314 million people living in the United States.
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