Question
Student question Consider the following production function: q=100L^0.8 K^0.4. Currently the wage rate (w) is $2.00 and the price of capital (r) is $2.00. If
Student question
Consider the following production function:
q=100L^0.8 K^0.4.
Currently the wage rate (w) is $2.00 and the price of capital (r) is $2.00.
If the firm is using 20 units of capital in production, how much labor should be employed to minimize cost?
Labor input= ???? units.(Enter a numeric response using a real number rounded to two decimal places. Dear expert don't use AI boat also I need typed answer please don't submit handwritten answer .
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Macroeconomics
Authors: Andrew B. Abel, Ben S. Bernanke, Dean Croushore, Ronald D. Kneebone
6th Canadian Edition
321675606, 978-0321675606
