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A FIRM'S PRODUCTION FUNCTION IS Q=K^0.5L^0.5. THE FIRM IF
A FIRM'S PRODUCTION FUNCTION IS Q=K^0.5L^0.5. THE FIRM IF PERFECTLY COMPETITIVE AND HIRES MACHINES AT A CONSTANT RENTAL RATE OF r=14 PER HOUR AND ITS WORKERS AT A CONSTANT RATE OF w=8 PER HOUR. IT CAN ALSO SELLAS MUCH OUTPUTNAS IT WISHES AT THE MAKET PRICE OF 50. FIND THE LEVEL OF OUTPUT THAT MAXIMISES THE FIRMS PROFIT
This question was answered on: Feb 21, 2020
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