Consider the following production function: q= 100L 0.8 0.4 Currently the wage rate (w) is $10.00 and the price of capital (r) is $5.00. If
Consider the following production function: q= 100L 0.8 0.4 Currently the wage rate (w) is $10.00 and the price of capital (r) is $5.00. If the firm is using 20 units of capital in production, how much labor should be employed to minimize costs? Labor input = units. (Enter a numeric response using a real number rounded to two decimal places.)
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