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a. How much does the firm produce in the short run (using efficient production methods) if it hires one worker? Instructions: Round your answer to 3 decimal places. units of output. b. How much does it produce in the short run if it hires two workers? Instructions: Round your answer to 3 decimal places. units of output. c. How much does it produce in the short run if it hires three workers? Instructions: Round your answer to 3 decimal places.

a. How much does the firm produce in the short run (using efficient production methods) if it hires one worker? Instructions: Round your answer to 3 decimal places. units of output. b. How much does it produce in the short run if it hires two workers? Instructions: Round your answer to 3 decimal places. units of output. c. How much does it produce in the short run if it hires three workers? Instructions: Round your answer to 3 decimal places.

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.1P
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Suppose that a firm uses both labor (L) and capital (K) as inputs and has the long-run production function Q=F(L,K) = L x √L + K. Suppose its capital is fixed at K= 7 in the short run. a. How much does the firm produce in the short run (using efficient production methods) if it hires one worker? Instructions: Round your answer to 3 decimal places. units of output. b. How much does it produce in the short run if it hires two workers? Instructions: Round your answer to 3 decimal places. units of output. c. How much does it produce in the short run if it hires three workers? Instructions: Round your answer to 3 decimal places. units of output.
Transcribed Image Text:Suppose that a firm uses both labor (L) and capital (K) as inputs and has the long-run production function Q=F(L,K) = L x √L + K. Suppose its capital is fixed at K= 7 in the short run. a. How much does the firm produce in the short run (using efficient production methods) if it hires one worker? Instructions: Round your answer to 3 decimal places. units of output. b. How much does it produce in the short run if it hires two workers? Instructions: Round your answer to 3 decimal places. units of output. c. How much does it produce in the short run if it hires three workers? Instructions: Round your answer to 3 decimal places. units of output.
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