Masan2005 Masan2005

03-01-2023
Mathematics

Answered

Suppose that f(l,k)=6l^(1/3) k^(1/2) is a production function with k as capital input and l as the labour input. let the price per unit of output be 0.5, the cost per unit of capital be 0.1 and the price per unit of labour be 1.
find the production levels l and k that maximise profit. (14)
find the maximum profit in this case. (2)
verify that this combination gives the maximum. (4)

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