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A perfectly competitive firm hires its machines at a constant rental rate of r = 5 euros per unit and its workers at a constant wage rate of w = 4 euros per unit. It can also sell as much output as it wishes at the ruling market price of P = 40 euros. The firm's production function is given by: Q = K0.25 L0.5
where L is labour and K is capital.
(a) If the firm wishes to maximise profits, write down the constrained maximum problem that the firm faces.
(b) Determine the profit maximising levels of capital, labour and output.
if there is multicollinearity so why we can not estimate the value of parameters?
kindly help in in doing the assignment
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can you please help me build intution about it
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