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Suppose that a a firm's production function of output Q is a function of only two inputs, labor (L) and capital (K) and can
Suppose that a a firm's production function of output Q is a function of only two inputs, labor (L) and capital (K) and can be written Q = 25LK. Letting the wage rate for labor be 15 and the rental rate of capital be 20, how much labour will the firm employ if it wants to produce 150 units?
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
