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Suppose that the production function is Q=10K+5L and thatMP L =5andMP K =10 . The price of Labour is $3 and t he price of

Suppose that the production function is Q=10K+5L and thatMPL=5andMPK=10

. The price of Labour is $3 and t he price of capital is $2.

  1. Findthe optimal input choice (L and K) if the firm wanted to produce 50 goods.
  2. Draw the Isoquant for Q=10 and Q=20
  3. Plot the expansion path on the diagram in b).
  4. Find the input demand function of L and K.(without knowing prices of Q, I want the general case)

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