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The production function of a firm is given by F(K, L)=KL. Assume that capital (K) is...

The production function of a firm is given by F(K, L)=KL. Assume that capital (K) is fixed at K=1 in the short run. Then the amount of labor (L) needed to produce 4 unit of output is equal to ___. Group of answer choices 16 1 4 8 2

Solutions

Expert Solution

Given that, production function = Q =F(K,L) = KL

Therefore, 4 = 1*L

or, L = 4

Answer: 4

Rahul Sunny answered 2 years ago
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