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A firm produces gadgets according to the production function: Q = Kl'ZL"2 MPL =(1/2)K1'2L'1'2 = (1/2)(Q/L) MPK = (1/2)K'"2L"2= (1/2)(Q/K) The wage rate is $5 per hour and the rental rate on capital is $10 per hour. In the short run, the firm has 25 units of capital. It can sell as much output as it likes at $4 per unit. How much output will the firm produce? What combination of inputs will the firm use to produce this output? How much profit will the firm earn?
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