Question
Whole number answers only please! Consider a firm with a production function given by: q = 2K 1/2 L 1/2 , labor can be hired
Whole number answers only please!
Consider a firm with a production function given by: q = 2K1/2L1/2, labor can be hired for $20 per hour and capital rents for $80 per hour. The cheapest way for the firm to produce 400 widgets is to use_____ units of labor and_____ units of capital. This will cost the firm $_____.
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Technical Change, Relative Prices, And Environmental Resource Evaluation
Authors: V Kerry Smith
1st Edition
1317358570, 9781317358572
