The Quantity, Q, of a Good Produced Depends on the Number

question 25

Short Answer

The quantity, Q, of a good produced depends on the number of workers, W, and the amount of capital invested, K, according to the Cobb-Douglas function .
In addition, we know that labor costs are $19 per employee, capital costs are $8 per unit, and the budget is $2500. The maximum production level is about _____ units, where W = _____ and K = _____. Round to the nearest whole number.

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Definitions:

Sales Tax Rate

The percentage of sales price that is added to the price of goods and services sold, collected by the seller and remitted to a governmental tax authority.

Total Receipts

The total amount of cash received by a company during a specific period, including all sources of income.

Sales Tax Rate

The percentage of tax charged on the sale of goods and services, which is collected by merchants and passed on to the government.

Total Receipts

The aggregate amount of cash or cash-equivalents received by a company during a given period.