The production function for water bottling in Lusaka is given by ymin (2K, 4L). The firm...

  

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The production function for water bottling in Lusaka is given by ymin (2K, 4L). The firm has hired 20 workers and has 14 units of capital they employ to produce output. a) Identify the production technology used for water bottling in Lusaka. b) Calculate the optimal mix of capital and labor with the associated amount of water bottles that will be produced. c) The wage in the labor market from which the firm draws from has increased from K400 to K500 per hour. Explain how it will affect the optimal amount of labor the firm is going to use. The production function for water bottling in Lusaka is given by ymin (2K, 4L). The firm has hired 20 workers and has 14 units of capital they employ to produce output. a) Identify the production technology used for water bottling in Lusaka. b) Calculate the optimal mix of capital and labor with the associated amount of water bottles that will be produced. c) The wage in the labor market from which the firm draws from has increased from K400 to K500 per hour. Explain how it will affect the optimal amount of labor the firm is going to use.