QUESTION 6 Belfast Company produces bicycles using labor (L) and capital (K). Its production function is given by the fo
Posted: Fri Jul 01, 2022 8:14 am
QUESTION 6 Belfast Company produces bicycles using labor (L) and capital (K). Its production function is given by the following expression: Q = 48 L + 15 K where Q is the output of bicycles. The prices of labor (PL), capital (PK), bicycles (P) and the cost (C) are the following: PL 17, PK 41, P=16 and C=2855 What is the profit maximixing amount of labor that Belfast Company should hire?