A firm's production function is given by $ Q = 10K^{\frac{1}{2}}L^{\frac{1}{2}} $, where ( K ) is the capital and ( L ) is the labor. If the firm's \cost function is given by ( C(K,L) = 10K + 20L ), calculate the firm's profit function.

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( pi(K,L) = 10K + 20L - 10K^{\frac{1}{2}}L^{\frac{1}{2}} )

Post Utme Unilorin 2023 Economics Question 29

A firm's production function is given by \( Q = 10K^{\frac{1}{2}}L^{\frac{1}{2}} \), where ( K ) is the capital and ( L ) is the labor. If the firm's \cost function is given by ( C(K,L) = 10K + 20L ), calculate the firm's profit function.

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