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A farmer uses land and labor to grow corn. He has the following increasing return to scale production function Q = 130 A0.6 L0.5 where Q is the amount of corns in bushels, A is land in acres and L is number of farm workers.
(a) If this farmer has 120 acres of land, how many farm workers must he employ in order to produce 20,000 bushels of corn? What is the marginal product of labor at this level of employment?
(b) Assume this farmer pays each farm worker $800 over the growing season and spends $3,000 for seed and fertilizer. If the price of corn in the spot market is $4.20 a bushel, what is the farmer's profit (assume no fixed cost)?
(c) Is this farmer paying his workers the value of their marginal product?
(d) If this farmer doubles the amount of land and labor, how many bushels of corns he can produce?
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