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short run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L, K cific equation for the production function is given by: men K= 30, q=8KL+ 5L²- -13 q (8×30×L) + + 5L² - (37) ₁³.

short run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L, K cific equation for the production function is given by: men K= 30, q=8KL+ 5L²- -13 q (8×30×L) + + 5L² - (37) ₁³.

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.8P
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In the short run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L,K), where q is output, L is workers, and K is the fixed number of units of capital. equation for the production function is given by: A specific or, when K = 30, The level of output q for 2 units of labor input is (enter your response rounded up to two decimal places). q = 8KL + 5L² q = (8×30×L) + 5L² 3 L³. - (3) L³.
Transcribed Image Text:In the short run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q = f(L,K), where q is output, L is workers, and K is the fixed number of units of capital. equation for the production function is given by: A specific or, when K = 30, The level of output q for 2 units of labor input is (enter your response rounded up to two decimal places). q = 8KL + 5L² q = (8×30×L) + 5L² 3 L³. - (3) L³.
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