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A firm produces and sells two goods X and Y. Both goods sell for a price of $1 each. The production function for good X is $X = L_X$ The production function for good Y is $Y = L_Y K^{\frac{1}{2}}$ The firm divides its labour between the two products, $L = L_X + L_Y$ and gets its labour for free, but can only use 10 units of it or less $L \leq 10; L_X + L_Y$ The price of capital is $P_K = 3$ How much labour should the firm use to produce good X? $L_X = $ Number How much labour should the firm use to produce good Y? $L_Y = $ Number How much capital should the firm use? $K = $ Number How much of good X should the firm produce? $X = $ Number How much of good Y should the firm produce? $Y = $ Number How much profit does the firm make? $\pi = $ Number

          A firm produces and sells two goods X and Y. Both goods sell for a price of $1 each.
The production function for good X is $X = L_X$
The production function for good Y is $Y = L_Y K^{\frac{1}{2}}$
The firm divides its labour between the two products, $L = L_X + L_Y$ and gets its labour for free, but can only use 10 units of it or less $L \leq 10; L_X + L_Y$
The price of capital is $P_K = 3$
How much labour should the firm use to produce good X?
$L_X = $ Number
How much labour should the firm use to produce good Y?
$L_Y = $ Number
How much capital should the firm use?
$K = $ Number
How much of good X should the firm produce?
$X = $ Number
How much of good Y should the firm produce?
$Y = $ Number
How much profit does the firm make?
$\pi = $ Number

A firm produces and sells two goods X and Y. Both goods sell for a price of 1 each.
The production function for good X isX = LXThe production function for good Y isY = LY K^(1)/(2)The firm divides its labour between the two products,L = LX + LYand gets its labour for free, but can only use 10 units of it or lessL ≤10; LX + LYThe price of capital isPK = 3How much labour should the firm use to produce good X?LX = Number
How much labour should the firm use to produce good Y?LY = Number
How much capital should the firm use?K = Number
How much of good X should the firm produce?X = Number
How much of good Y should the firm produce?Y = Number
How much profit does the firm make?π= Number

Added by Allison S.

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