Down the street from the dairy farm is a farmer with a pumpkin patch.Every season he produces pumpkins according to f(a,l) = 9a²/31!/3 wherea is acreage and l is farm labor. He owns the land, but he does pay propertytax T * a on his land. He can hire laborers at a wage rate of $12. He hasalready spent $200 on pumpkin seeds, and because of crop rotation, hasexact acreage a he can use for pumpkins.What is the short run demand for labor?

Production Function f(a,l) = 9a23l13Wage rate = $12.

Down the street from the dairy farm is a farmer with a pumpkin patch Every season he produces pumpkins according to f(a,l) = 9a²/311/3 where a is acreage and l is farm labor. He owns the land, but he does pay property tax 7* a on his land. He can hire laborers at a wage rate of $12. He has already spent $200 on pumpkin seeds, and because of crop rotation, has exact acreage a he can use for pumpkins. What is the short run demand for labor?

Down the street from the dairy farm is a farmer with a pumpkin patch Every season he produces pumpkins according to f(a,l) = 9a²/311/3 where a is acreage and l is farm labor. He owns the land, but he does pay property tax 7* a on his land. He can hire laborers at a wage rate of $12. He has already spent $200 on pumpkin seeds, and because of crop rotation, has exact acreage a he can use for pumpkins. What is the short run demand for labor?

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis

Section7.A: Appendix Production Indifference Curves

Problem 2TY

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