In June 2024
Answer to Question #280778 in Economics of Enterprise for RAHEL
Suppose Q gives the production function Q=150KL and the price of labor and capital is 2.5 and 6 birr respectively. If the total outlays of the firm is 3000 Birr. Determine the level of employment of both inputs that maximizes output.
"Solution"
"Q=150KL\\\\\nLabor=2.5\\\\\nCapital =6\\\\\nOutlay=3000\\\\\nMaximizes \\ output. \\\\\nQ=150\\times6\\times2.5\\\\\nQ=2250."
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