Determine the quantity of chairs produced in a month
A firm that manufactures office desks has the following production function in the short run:
Q = 400 L0.8 K0.5
where
Q = the quantity of chairs produced in a month
L = the amount of labor (hours of work) used in a month
K = the amount of capital (building, machines, equipment) used.
Assume that in the short run L = 1,000 and K = 100.
What is the quantity produced if L = 1,000 and K = 100? Image text transcribed for accessibility: A firm that manufactures office desks has the following production function in the short run: Q = 400 L0.8 K0.5 where Q = the quantity of chairs produced in a month L = the amount of labor (hours of work) used in a month K = the amount of capital (building, machines, equipment) used. Assume that in the short run L = 1,000 and K = 100. What is the quantity produced if L = 1,000 and K = 100?
