The output at a certain factory is Q(K, L) = 120K 2/3 L 1/3 units, where K

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The output at a certain factory is Q(K, L) = 120K^2/3L^1/3 units, where K is the capital investment measured in units of $1,000 and L the size of the labor force measured in worker-hours.

a. Compute the output if the capital investment is $125,000 and the size of the labor force is 1,331 worker-hours.

b. What will happen to the output in part (a) if both the level of capital investment and the size of the labor force are cut in half?

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Calculus For Business, Economics And The Social And Life Sciences

ISBN: 9780073532387

11th Brief Edition

Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price

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Question Posted: Jun 24, 2023 08:46 AM

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The output at a certain factory is Q(K, L) = 120K 2/3 L 1/3 units, where K

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Calculus For Business, Economics And The Social And Life Sciences

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