Suppose the Production Function for a Bakery Is

question 46

Essay

Suppose the production function for a bakery is:
Q = 4K^0.4L^0.6
where Q is the number of loaves of bread produced per day, K is the number of ovens, and L is the number of workers employed. Suppose that the wage rate is $5 per hour , the rental rate of capital is $10 per hour, and the baker wants to produce 4,000 loaves of bread. Use calculus to:
a. derive the firm's demand for labor.
b. confirm that the demand for labor satisfies the law of demand.

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