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Question
A firm operates in a perfectly competitive output market and a perfectly competitive input market. The production function for the firm is: f(N, K) = 4N K In the short-run the level of capital is fixed at 27. If the price of output is 12, and wage rate is $10$, how many workers should the firm hire? Draw a diagram of your solution.
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Transcribed Image Text:A firm operates in a perfectly competitive output market and a perfectly competitive input market. The production function for the firm is: f(N, K) = 4N K In the short-run the level of capital is fixed at 27. If the price of output is 12, and wage rate is $10$, how many workers should the firm hire? Draw a diagram of your solution.
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