Business, 14.11.2019 06:31, kbenitez90
You are a manager for herman miller—a major manufacturer of office furniture. you recently hired an economist to work with engineering and operations experts to estimate the production function for a particular line of office chairs. the report from these experts indicates that the relevant production function is: q = 2(k)1/2(l)1/2 where k represents capital equipment and l is labor. your company has already spent a total of $8,000 on the 9 units of capital equipment it owns. due to current economic conditions, the company does not have the flexibility needed to acquire additional equipment. if workers at the firm are paid a competitive wage of $120 and chairs can be sold for $400 each, what is your profit-maximizing level of output and labor usage?
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