Business, 18.11.2019 21:31, Tyrant4life

Acompetitive firm has the production function y = min{ √ l, √ k}, where l is labor and k is capital. suppose that in the short run this firm must use 16 units of capital but can vary its amount of labor freely. (a) write down a formula that describes the marginal product of labor in the short run as a function of the amount of labor used. 1 (b) if the wage is w = $1 and the price of output is p = $4, how much labor will the firm demand in the short run? (c) what if w = $1 and p = $10?

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Acompetitive firm has the production function y = min{ √ l, √ k}, where l is labor and k is capital....