Business, 18.06.2021 16:50 Kaitneedshelps

Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is f ( E , K ) = E 1/2 K 1/2 so that the marginal product of labor is MPE = (1/2)(K/E)1/2 If the current capital stock is fixed at 1,600 units, how much labor should the firm employ in the short run? How much profit will the firm earn?

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Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is...

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