QUESTION 13 Belfast Company produces bicycles using labor (L) and capital (K). Its production function is given by the f
Posted: Fri Jul 01, 2022 8:14 am
QUESTION 13 Belfast Company produces bicycles using labor (L) and capital (K). Its production function is given by the following expression: Q = 49 L + 71 K where Q is the output of bicycles. The prices of labor (PL), capital (PK), bicycle (P) and the cost (C) are the following: PL-33, PK-45 P=64 C =2696 What is the slope of Belfast's Isocost line?
QUESTION 14 Belfast Company produces bucycles using labor (L) and capital (K). Its production function is given by the following expression: Q=min{ 109 L, 121 K} where Q is the output of bicycles. The prices of labor (PL), capital (PK), bicycle (P) and the cost (C) are the following: PL=9, PK=14, P=16 and C=2620 What is the profit maximizing amount of labor that Belfast Company should hire?
QUESTION 14 Belfast Company produces bucycles using labor (L) and capital (K). Its production function is given by the following expression: Q=min{ 109 L, 121 K} where Q is the output of bicycles. The prices of labor (PL), capital (PK), bicycle (P) and the cost (C) are the following: PL=9, PK=14, P=16 and C=2620 What is the profit maximizing amount of labor that Belfast Company should hire?