A paper firm's short-run Cobb-Douglas production function is estimated to be (^{2}) where (bar{K}) is the fixed
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A paper firm's short-run Cobb-Douglas production function is estimated to be \(^{2}\)
where \(\bar{K}\) is the fixed amount of capital. In the short-run, the firm's capital is fixed at \(\bar{K}=32\). The price of a unit of paper is \(p=50\). What is the paper firm's short-run production function and labor demand function? How many workers does the firm hire if the wage is \(w=15\) ?
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