Question
given: this Cobb Douglass production function Q = 2.40* L^0.75 * K^0.35 with the wage rate (w) of $25,000 per laborer and the rental rate
given: this Cobb Douglass production function
Q = 2.40* L^0.75 * K^0.35
with the wage rate (w) of $25,000 per laborer and the rental rate cost of capital (r) of $5,000 per unit,
calculate MPL and MPK: to find the optimal mix of labor and capital
find L and K
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Labor Economics
Authors: George J. Borjas
6th edition
73523208, 2900073523209 , 978-0073523200
