The production function for homes is given by: Q = 5KL Where Q = output of...
The production function for homes is given by:
Q = 5KL
Where Q = output of homes per week
K = capital
L = work teams
a. Assuming capital is fixed at K=5, how many labor teams does the firm need to hire if it wants to produce 100 homes ?
b. If each labor team costs $500 and capital costs $100 per unit, how much will it cost them to produce 100 homes?
c. If there are no work teams available, how many homes can be built?
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