Can someone help me with this?
A firm's production function is given by Q = 3L1/2 + 2K1/2, where Q, L, and K denote the
number of units of output, labour, and capital, respectively.
Labour costs are $3 per unit of labour, capital costs are $4 per unit of capital, and output sells at
$12 per unit.
Find the profit function for this firm and hence determine the maximum profit and the values of
L and K at which it is achieved.
(Note: Type integer values) Profit = Blank 1 L^0,5 + Blank 2 K^0,5 - Blank 3 L - Blank 4 K For
what values of L and K is profit maximized? L = Blank 5 K = Blank 6 What is the maximum
profit? Profit = Blank 7
Thank you!.
Can someone help me with thisA firms production function is give.pdf
1. Can someone help me with this?
A firm's production function is given by Q = 3L1/2 + 2K1/2, where Q, L, and K denote the
number of units of output, labour, and capital, respectively.
Labour costs are $3 per unit of labour, capital costs are $4 per unit of capital, and output sells at
$12 per unit.
Find the profit function for this firm and hence determine the maximum profit and the values of
L and K at which it is achieved.
(Note: Type integer values) Profit = Blank 1 L^0,5 + Blank 2 K^0,5 - Blank 3 L - Blank 4 K For
what values of L and K is profit maximized? L = Blank 5 K = Blank 6 What is the maximum
profit? Profit = Blank 7
Thank you!
