A firm can manufacture a product according to the production function: Q = F(K,L) = 22.3K^0.55L^0.45. The level of capital is fixed at 12 units, at a renting rate of $100 per unit of capital. The firm can sell its output at a price of $24.50 per unit and can hire labor at a $110 per worker. Instruction: Round your responses to 2 decimal places. Do not round values if used to complete other calculations.
Calculate, APL, when the firm uses 25 workers:
APL, when the firm uses 100 workers:
MPL when L = 25:
MPL when L = 100:
Optimal number of workers:
Optimal production:
Optimal Profits:
Profits at L=25:
Profits at L=100:
