You are a manager for herman miller—a major manufacturer of office furniture. you recently hired an economist to work with engineering and operations experts to estimate the production function for a particular line of office chairs. the report from these experts indicates that the relevant production function is: q = 2(k)1/2(l)1/2 where k represents capital equipment and l is labor. your company has already spent a total of $8,000 on the 9 units of capital equipment it owns. due to current economic conditions, the company does not have the flexibility needed to acquire additional equipment. if workers at the firm are paid a competitive wage of $120 and chairs can be sold for $400 each, what is your profit-maximizing level of output and labor usage?

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

Ithink the answers would be a and c and e!

Answeran increase; appreciate;