Short run profit max Consider y = [1/2k1/3 Find the optimal input level, optimal...

Transcribed Image Text:

Short run profit max • Consider y = [1/2k1/3 • Find the optimal input level, optimal output level, and profit of the following production function: y = [¹/2k¹/3 • Let price of the output = $10, wage = $2, price of capital = $2, capital fixed at k=1. Short run profit max • Consider y = [1/2k1/3 • Find the optimal input level, optimal output level, and profit of the following production function: y = [¹/2k¹/3 • Let price of the output = $10, wage = $2, price of capital = $2, capital fixed at k=1.

Answer rating: 100% (QA)

Shortrun Profit Maximization Production Function y l12 k13 where y output l labor k capital Given Pr... View the full answer