The Cobb-Douglas Production Function for a Company Is Given by P

question 167

Short Answer

The Cobb-Douglas production function for a company is given by P = 70

where P is the monthly production value when k is the amount of the company's capital investment (in dollars per month)and l is the size of the labor force (in work hours per month).What is the production value when l = 2401 hours and k = $10,000 per month?

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