Determine the units of capital and labour, Microeconomics

Assignment Help:

The production function for a firm is expressed as follows:

Q = 800K - K2 +5KL - 7750L + 10,000

Where Q is quantity of units manufactured, K and L are units of capital and labour used respectively.

Determine

i) The units of capital and labour that the firm should hire to maximize output. [As usual, you are expected to check the 2nd order condition]                                                                            

ii) Maximum output


Related Discussions:- Determine the units of capital and labour

Describe the term price elasticity of demand, Problem : (a) Describe th...

Problem : (a) Describe the law of demand and the factors affecting demand. (b) llustrate and  Explain how demand of a commodity will change if there is a tax on that product

Inflation in Pakistan, I want to address Inflation in Pakistan but it itsel...

I want to address Inflation in Pakistan but it itself is a wide topic plz suggest me how to address Inflation to right a research article?????

Non-collusive oligopoly price and output determination, what is non- collus...

what is non- collusioligopoly and how its price and output is determined

Compute the point price elasticity of demand, Suppose that the price of sch...

Suppose that the price of schooling is $20 per year of schooling and it suddenly rises to $40. Compute the point price elasticity of demand at the initial price level and at the fi

Draw a marginal utility curve , Draw a marginal utility cureve for a good t...

Draw a marginal utility cureve for a good that has a constant marginal utility

Labor economics, Suppose that Congress increases the minimum wage to $10 an...

Suppose that Congress increases the minimum wage to $10 an hour. a. Use a supply and demand model for unskilled labor to show the effect on the number of unskilled workers employed

Increasing returns to scale and decreasing returns to scale, Increasing ret...

Increasing returns to scale and decreasing returns to scale: Increasing returns to scale occur when increases in all inputs by a certain percentage cause a relatively higher p

Explain about banking cycle, Q. Explain about Banking Cycle? An economi...

Q. Explain about Banking Cycle? An economic cycle that results from cyclical changes in the attitudes of banks toward lending risk. When economic times are good, bankers become

#title.micro, what are jobs of the department of justice and the federal tr...

what are jobs of the department of justice and the federal trade commission in business pratices.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd