# Treat this problem as an unconstrained maximization problem. A perfectly-competitive firm produces output using three factors of production: capital…

Treat this problem as an unconstrained maximization problem. A perfectly-competitive firm produces output using three factors of production: capital (K), labor (L), and land (N). The firm’s production function is Q = F(K, L, N) = 9 ln(K + 1) + 5 ln(L + 1) + 4 ln(N + 1).

The firm rents capital for \$10 per unit; it hires labor for \$25 per unit; and it rents land for \$40 per unit. It sells its output for \$300 per unit. a. Let π(K, L, N) represent the firm’s profit function, and use the first-order conditions to find the values of K, L, and N that produce a stationary point for the profit function. b. Use the second-order conditions for a maximum to show that your stationary point from part (a) does, in fact, maximize the firm’s profit.

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors:
Number of pages
Urgency
Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

### Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.