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You are a manager for a Manufacturer of office furniture. You recently hired an economist to estimate the production function for a line of office...
You are a manager for a Manufacturer of office furniture. You recently hired an economist to estimate the production function for a line of office chairs. The report these experts indicates that the relevant production function is: Q=2(K)^1/2 (L)^1/2 Where K represents capital equipment and L is labor. Your company has already spent a total of $8,000 on 9 units of capital equipment it owns. Due to current conditions, the company does not have the flexibility needed to acquire additional equipment. If the workers at the firm are paid a competitive wage of $120 per day and chairs can be sold for $400 each, what is your profit maximizing level of output and labor usage? What is your maximum profit?
