SELECT * FROM question_mgmt as q WHERE id=10274 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=610 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

Let the production function of a firm be Q=2 L2 K2Q=2 L2 K2

Find out the maximum possible output that the firm can produce with 5 units of LL and 2 units of KK. What is the maximum possible output that the firm can produce with zero units of LL and 10 units of KK?

Answer:

(a) Q=2L2K2…..(1)Q=2L2K2…..(1)

L=5L=5 units of labour

K=2K=2 units of capital

Putting these values in equation (1)

Q=2(5)2(2)2Q=2(5)2(2)2

=2(25)(4)=2(25)(4)

Q=200 units Q=200 units 

(b) If L=0L=0 units and K=100K=100 units

Putting these values in equation (1)

Q=2(0)2(100)2Q=2(0)2(100)2

Q=0 units 


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