The output of a production process, Q is given by the function 2K^(-3)L^(5/2)/2K log4 6L^2 where K and L denote capital and Inbour. Calculate the output when the capital and labour are 10 and 20 units, respectively.

The output of a production process, Q is given by the function 2K^(-3)L^(5/2)/2K log4 6L^2 where K and L denote capital and Inbour. Calculate the output when the capital and labour are 10 and 20 units, respectively.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 1SCQ: A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and...

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The output of a production process, Q is given by the function
2K^(-3)L^(5/2)/2K log4 6L^2
where K and L denote capital and Inbour. Calculate the output when the capital and labour are 10 and 20 units, respectively.

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