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when K = 20, - (3) ²³ q = 8LK + 5L²- q = (8L x 20)+ 5L² this equation to generate the values for output and fill in the table to the right. (Round your answers to the nearest ger.) 8 10 12 699 1,429 □ 2,064

when K = 20, - (3) ²³ q = 8LK + 5L²- q = (8L x 20)+ 5L² this equation to generate the values for output and fill in the table to the right. (Round your answers to the nearest ger.) 8 10 12 699 1,429 □ 2,064

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.8P
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In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only = f(L,K), where q is output, by increasing the amount of labor it uses. In the short-run, the firm's production function is q L is workers, and is the fixed number of units of capital. A specific equation for the production function is given by: 3 5L² - ( 13 ) ¹4 A² q = (8L × 20) + 5L² Use this equation to generate the values for output and fill in the table to the right. (Round your integer.) or, when K = 20, 9 = 8LK+ 5L nswers to the nearest C Labor (L) 0 246 810 12 Production Output (q) 0 337 699 1,429 2,064
Transcribed Image Text:In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only = f(L,K), where q is output, by increasing the amount of labor it uses. In the short-run, the firm's production function is q L is workers, and is the fixed number of units of capital. A specific equation for the production function is given by: 3 5L² - ( 13 ) ¹4 A² q = (8L × 20) + 5L² Use this equation to generate the values for output and fill in the table to the right. (Round your integer.) or, when K = 20, 9 = 8LK+ 5L nswers to the nearest C Labor (L) 0 246 810 12 Production Output (q) 0 337 699 1,429 2,064
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