Question
Suppose the firm's production function is given byQ= F(K,L) = K^2L with MPL = K^2, MPK = 2KL The price per unit of capital is
Suppose the firm's production function is given byQ= F(K,L) = K^2L with MPL = K^2, MPK = 2KL
The price per unit of capital is 5 and the price per unit of labor is 10. Find the cost minimizing quantity of labor to produce 150,000 units of output. Please round to the closest integer.
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Microeconomics
Authors: Paul Krugman, Robin Wells
3rd edition
978-1429283427, 1429283424, 978-1464104213, 1464104212, 978-1429283434
