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Consider the production function of widget: Q= 23K"^L°.8, where Q is units of output per month, K is hours of capital and Lis hours of labour. Capital can be rented at $53 per hour, and labour can be hired at $26 per hour. What is the maximum level of output for a monthly production budget of $39100? Answer: units (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO 2 DECIMAL PLACES, AND NO SEPARATOR FOR THOUSANDS.)

Consider the production function of widget: Q= 23K"^L°.8, where Q is units of output per month, K is hours of capital and Lis hours of labour. Capital can be rented at $53 per hour, and labour can be hired at $26 per hour. What is the maximum level of output for a monthly production budget of $39100? Answer: units (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO 2 DECIMAL PLACES, AND NO SEPARATOR FOR THOUSANDS.)

Economics:
Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter22: Supply: The Costs Of Doing Business
Section: Chapter Questions
Problem 11E
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Consider the production function of widget: Q = 23K04L.8 where Q is units of output per month, K is hours of capital and L is hours of labour. Capital can be rented at $53 per hour, and labour can be hired at $26 per hour. What is the maximum level of output for a monthly production budget of $39100? Answer: units (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO 2 DECIMAL PLACES, AND NO SEPARATOR FOR THOUSANDS.)
Transcribed Image Text:Consider the production function of widget: Q = 23K04L.8 where Q is units of output per month, K is hours of capital and L is hours of labour. Capital can be rented at $53 per hour, and labour can be hired at $26 per hour. What is the maximum level of output for a monthly production budget of $39100? Answer: units (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO 2 DECIMAL PLACES, AND NO SEPARATOR FOR THOUSANDS.)
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