Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I JUST NEED AN QUICK ANSWER THANK YOU !! A firm uses labor (denoted by L) and computers (denoted by K) to design apps (in

I JUST NEED AN QUICK ANSWER THANK YOU !!

A firm uses labor (denoted by L) and computers (denoted by K) to design apps (in this case the output). The number of apps is denoted by Q. The firm's production function is Q(K,L)=9L^(1/3) K^(2/3). The price of labor (w) is $5 and the price of capital (r) is $20. The marginal cost is:

30

10/3

2/3Q

(10/3)+(40/3)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introductory Econometrics A Modern Approach

Authors: Jeffrey M. Wooldridge

2nd Edition

0324113641, 9780324113648

More Books

Students also viewed these Economics questions

Question

What is the purpose of the business combination valuation entries?

Answered: 1 week ago