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professor190 [17]
3 years ago
13

A manager hires labour and rents capital equipment in a very competitive market. Currently the wage rate is GH¢2 per hour and ca

pital is rented at GH¢5 per hour, the unit price of the product is GH¢0.25 and total cost is 1000. Suppose the firm's production function is as follows: � = 14�*.,�*., + 10 i. What is the amount of labour and capital the firm should employ in order to maximize output? [Hint: Maximise the product function subject to the cost constraint] ii. What is the maximum profit?
Mathematics
1 answer:
Veseljchak [2.6K]3 years ago
8 0

Solution :

It is given that the manager hires a labor and he rents the capital equipment \text{in a very competitive market}.

Presently the rate of the wage is at $ 10 per hour and the capital is been rented at $ 0.25. If the \text{marginal product} of the labor is 50 units of the output per hour and the marginal.

Therefore, the answer is

14 + 10 = 24

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2.5 × (25) + 0.5× 25^{2} + 2.5 + 25 = 402.5 ft

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Therefore approximate change in stopping distance = 402.5 - 375 = 27.5 ft

%  change in stopping distance = \frac{27.5}{375} × 100

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<h3>Conversion of units </h3>

From the question, we are to complete the given conversions

i)

1 m² = a cm²

NOTE: 1 m² =  10000 cm²

∴ a = 10000

ii)

1 cm² = b mm²

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