T he Cobb-Douglas function for a new product is given by: N (L, K) = 1.19L 0.72

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The Cobb-Douglas function for a new product is given by:

N (L, K) = 1.19L^0.72K^0.18

WhereC* =Rs. 750,w = Rs. 30, r = Rs. 40

Determine the amount of labor and capital that the firm should use in order to maximize output. What is this level of output?Also interpret the value of lagrange multiplier,

Posted Date: Jun 22, 2024 01:03 PM

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T he Cobb-Douglas function for a new product is given by: N (L, K) = 1.19L 0.72

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