Question: A firm's production function is given by Q = 4L1/2 + 5K1/2, where Q, L, and K denote the number of units of output, labour,

A firm's production function is given by Q = 4L1/2 + 5K1/2, where Q, L, and K denote the number of units of output, labour, and capital, respectively. Labour costs are $3 per unit of labour, capital costs are $4 per unit of capital, and output sells at $12 per unit. Find the profit function for this firm and hence determine the maximum profit and the values of L and K at which it is achieved. Profit = Blank 1 L^0,5 + Blank 2 K^0,5 - Blank 3 L - Blank 4 K (Note: Type integer values) For what values of L and K is profit maximized? (Round your results to 2 decimal positions) L = Blank 5 K = Blank 6 What is the maximum profit? (Round your results to 2 decimal positions) Profit = Blank 7

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