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ECO203 Micro Economics for Business

Micro Economics for BusinessTU Board 2023

Production function of a firm is Q = 200√KL, wage rate of labor is Rs 160, price of capital is Rs 200 and price of the product is Rs 8 per unit. Determined optimum number of labor and capital that…

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Production function of a firm is Q = 200√KL, wage rate of labor is Rs 160, price of capital is Rs 200 and price of the product is Rs 8 per unit. Determined optimum number of labor and capital that the firm should use in order to maximize output under given total cost outlay is Rs 8,000. Also calculate the total output and profit of the firm.

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