Suppose that you have estimated the following output

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June 7th, 2024

Show all work in formulas.Suppose that you have estimated the following output function where L is labor and K is capital:Y = K1/2L1/2You know that the current price of labor is $8 and capital cost is $150 per machine (capital).You currently use 64 units of capital.For a, the Output (Y) is 100. A. How many employees (L) do you need to hire to achieve your output goal?B. Given a fixed level of capital (), and a price of $100 per unit of output, what is the optimal number of employees? You do not need to know Output (Y) for this question.C. Calculate the profit given the optimal number of employee given the answer in b.D. At What number of employees would you maximize output but not lose money?

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