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).

Answer 1

The correct answer is: 11.55 to 11.65 OR 19.30 to 19.40 (approx.)