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Belfast Company produces bicycles using labor (L) and capital (K). Its production function is given by the following expression: Q = 24 L + 79
Belfast Company produces bicycles using labor (L) and capital (K). Its production function is given by the following expression: Q = 24 L + 79 K where Q is the output of bicycles. The prices of labor (PL), capital (PK), bicycle (P) and the cost (C) are the following: PL=30, PK=6, P=19 and C=2265 What is the profit maximizing amount of labor that Belfast Company should hire
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Foundations of Mathematical Economics
Authors: Michael Carter
1st edition
262531925, 978-0262531924
