a company can manufacture a product according to the production function Q=3K1/2L1/2, and capital is fixed at 4. i) if the firm can sell its output at a price of $ 10 per unit and can hire labor at $ 10 per unit , it should hire?............units of labor maximize the profits

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Q: Lesson 7- Production Question 1

A: MRTSLK​=3 Explanation:Given, q=4L0.75K0.25 Step:1 MPL​=∂L∂q​MPL​=4(0.75)(LK​)0.25…