SELECT * FROM question_mgmt as q WHERE id=10275 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:

Find out the maximum possible output for a firm with zero units of L and 10 units of K when its production function is Q = 5L = 2K. 

Answer:

(a) Q = 2L2 K2 ............... (1)
L = 5 units of labour
K = 2 units of capital
Putting these values in equation (1)

Q = 2(5)2 (2)2
=2 (25) (4)
= 2 (25) (4)
Q = 200 units
(b) If L = 0 units and K = 100 units
Putting these values in equation (1)
Q = 2(0)2 (100)2
Q = 0 units


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