Meyer inc produces lampposts using labor (l) and capital (k). its production function is given by the following expression: q =min{ 118 l , 186 k} where q is the output of lampposts. the prices of labor (pl), capital (pk), lamppost (p) and the cost (c) are the following: pl=16, pk=11, p=15 and c=5,889 what is the profit maximizing amount of labor that meyer inc should hire?

L = 0

K = 535.36

Q = 99,577 units

Explanation:

Q = 118L + 186K  

Budget line: C = L.PL + K.PK

5,889 = 16L + 11K

This is a linear production function, indicating labor and capital are perfect substitutes. Optimal bundle lies on one of the corner points on isoquant.

From budget line,

When L = 0, K = 5,889/11 = 535.36  

Q = 118*0 + 186*535.36 = 0 + 99,576. 96 = 99,577 units

When K = 0, L = 5,889 / 16 = 368.06

Q = 118*368.06 + 11*0 = 45,555.08 + 0 = 45,555 units

So, output is maximized when L = 0 and K = 535.36, since Q = 99,577 units (optimal labor).

Hope this helps!

answer with step-by-step explanation:

a. wx is perpendicular to xy - true:

(since x is adjacent to x and y and all angles are 90 degrees in a square, therefore wx is perpendicular to xy)

b. ∠w is congruent to ∠x - true:

(all angles in a square are equal to each other)

c. ∠w is supplementary to ∠x - true:

(∠w and ∠x both are right angles which add up to 180 degrees so they are supplementary angles)

d. wxyz is a rhombus - true:

(a rhombus has all sides equal in length and so has a square so it is a rhombus)

e. wxyz is a trapezoid - false:

(a trapezoid has only one pair of parallel sides while a square has two pairs of parallel sides)

f. wx is parallel to yz - true:

(wx and yz are parallel to each other)