Question:
Let the production function be Q = \(\sqrt{L^2 + K^2}\) the unit price of labour (L) and capital (K) be Rs. 30 and Rs. 40, respectively, and the total cost be Rs. 580. Then the maximum value of Q subject to the cost constraint is ______ (round off to 2 decimal places).
Let the production function be Q = \(\sqrt{L^2 + K^2}\) the unit price of labour (L) and capital (K) be Rs. 30 and Rs. 40, respectively, and the total cost be Rs. 580. Then the maximum value of Q subject to the cost constraint is ______ (round off to 2 decimal places).
Updated On: Oct 1, 2024
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Correct Answer: 11.55
Solution and Explanation
The correct answer is: 11.55 to 11.65 OR 19.30 to 19.40 (approx.)
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