Solved: The firm sells its product at 100 in a competitive market, Microeconomics

+44 141 628 6080
[email protected]

The firm sells its product at 100 in a competitive market

Production function for a competitive firm is Q = K2/3 L1/2. The firm sells its product at $100 in a competitive market and can hire labor at a constant rate of wage of $50 per unit of time. Capital is fixed at 8,000 units. Determine the profit maximizing quantity of labor (L).

Solution Preview :

Prepared by a verified Expert

Microeconomics: The firm sells its product at 100 in a competitive market

Reference No:- TGS01271019

Now Priced at $10 (50% Discount)

Recommended (97%)

Rated (4.9/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Microeconomics

Q : Suppose you place a speaker in front the open end of a tube

1 suppose you place a speaker in front the open end of a tube which is closed at the other end and vary the frequency

Q : As a patent agent an inventor comes to you claiming that he

as a patent agent an inventor comes to you claiming that he has invented a self-powered engine that requires no fuel to

Q : What is the social security retirement system the percent

question 1a worker earns 2000 per month before taxes he pays 140 per month payroll tax on those wages in addition the

Q : Todays spot rate of the mexican peso is 10 assume that

1 implications of ppp todays spot rate of the mexican peso is 10 assume that purchasing power parity holds the us

Q : The firm sells its product at 100 in a competitive market

production function for a competitive firm is q k23 l12 the firm sells its product at 100 in a competitive market and

Q : Assuming the air in the heat exchanger acts as a heat sink

air from inside a house enters a steady-flow heat exchanger with a volume flow rate of 200 m3min at 15degc 100kpa and

Q : What input combination should it choose to minimize its

suppose you are given the following production function q k13 l13 given that the firm wishes to produce 100 units of

Q : Calculate the total impedance z for above circuit for omega

1 calculate the impedance xr of r 100omega at f 6 hz 60 hz and 600 hz2 calculate the impedance xc of c 100muf at f

Q : Find the equation for the atc is it u-shaped a simple yesno

1 a firm estimates its cubic production function of the following form q al3 bl2 and obtains the following

1949487

Questions
Asked

3,689

Active Tutors

1429389

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

Identify one antecedent, one behaviour, and one consequence

Sahir is the most active student in your kindergarten class. He tends to be very disruptive when the teacher you work with is teaching the class,

Review a social, behavioral, or cultural factor

Bearing in mind that there may be several, choose a social, behavioral, or cultural factor associated with your selected domestic violence

Why you feel unpleasantly hot and sweaty

Working in the yard, you feel unpleasantly hot and sweaty when you come in the house, so you take a shower and begin to feel better.

Discuss children diagnosed with developmental disabilities

When Min decided to begin his supervised field experience, he applied at a company in his hometown that provided applied behavior analysis

Identify a specific theory of cognitive or moral development

Problem 1: Identify a specific theory of cognitive or moral development, and summarize the major assumptions.

How do you define being an adult

Based on information provided in Ch. 11 & 12, how do you define "being an adult"?

Discuss three ethical guidelines that are important

Identify and discuss three ethical guidelines that are important to consider when designing an 8-week group for adolescents who are referred