A firm?s production function is given by F(L) = 6L2/3, where L is units of labour. Suppose that the cost per unit of labour is $16 and the price of output is $8.;How many units of labour will the firm hire?;If the price of output doubles to $16, how many units of labour will the firm hire now?
Paper#26866 | Written in 18-Jul-2015Price : $22