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NASREEN NASREEN
wrote...
2 years ago
Consider a short-run production function 𝑦𝑦=𝑓𝑓(𝐿𝐿)= 6𝐿𝐿23⁄ where 𝐿𝐿 refers to labour. Let the price of output be expressed by 𝑝𝑝 and the price of labour by 𝑤𝑤.
F.1.1 Find the factor demand for labour and the amount of output it will produce. Show all calculations. [5]
F.1.2 How many units of labour will the firm hire, if p = R3 and w = R6? [1]
F.1.3 Using your answer in (1.2), how much output will it produce? [1]
F.1.4 If no other costs are incurred, how much total profits will it earn?
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Replies
wrote...
#1
Educator
2 years ago
Hi Nasreen

This isn't my field, but I attempted 1.1 anyway:






Do you know what R3 and R6 meaning in context to this question?
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