A competitive firm's production function is f(L, M) = 8L1/2 + 8M ¹/2. The price of L is $1 and the price of M is $3. The marginal product of L is 4/L1/2 and that of M is 4/M¹/2. The price of output is $6. What is quantity of output? the profit-maximizing 512

A competitive firm's production function is f(L, M) = 8L1/2 + 8M ¹/2. The price of L is $1 and the price of M is $3. The marginal product of L is 4/L1/2 and that of M is 4/M¹/2. The price of output is $6. What is quantity of output? the profit-maximizing 512

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter13: Factor Markets: With Emphasis On The Labor Market

Section13.1: Factor Market

Problem 1ST

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A competitive firm's production function is f(L, M) = 8L¹/2 + 8M1/2. The price of L is $1 and the price of
M is $3. The marginal product of L is 4/L1/2 and that of Mis 4/M¹/2. The price of output is $6. What is
quantity of output?
the profit-maximizing
512
516
244
256

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