A Total of 160 Hours of Labor Are Available Each

question 17

Essay

A total of 160 hours of labor are available each week at $15 per hour.Additional labor can be purchased at $25 per hour.Capital can be purchased in unlimited quantities at a cost of $45 per unit.If K units of capital and L units of labor are available during a week,then machines can be produced.Each machine sells for $270.How can the firm maximize its weekly profit?

---

Definitions:

Fossil Fuels

Natural fuels formed from the remains of ancient plants and animals, such as coal, oil, and natural gas.

Last 1000 Years

A historical period extending from the early 11th century to the present, encompassing significant global events, developments, and transformations.

Modern Farming

Modern farming involves the use of advanced technology, machinery, and practices to increase agricultural productivity and efficiency.

Fertilizers

Substances that are added to soil to supply one or more nutrients essential to the growth of plants, available in organic or synthetic forms.