QUESTION 3 Belfast Company produces helmets using labor (L) and capital (K). Its production function is given by the fol

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Question 3 Belfast Company Produces Helmets Using Labor L And Capital K Its Production Function Is Given By The Fol 1 (33.9 KiB) Viewed 40 times

QUESTION 3 Belfast Company produces helmets using labor (L) and capital (K). Its production function is given by the following expression: Q = 66 L + 40 K where Q is the output of bicyles. The prices of labor (PL), capital (PK), bicycle (P) and the cost (C) are the following: PL 5, PK 88, P=73 and C=2505 What is the slope of Belfast Company's Isoquant? QUESTION 4 Belfast Company produces bicycles using labor (L) and capital (K). Its production function is given by the following expression Q =min( 14 L, 22 K) where Q is the output of bicycles. The prices of labor (PL), capital (PK), bicycle (P) and the cost (C) are the following: PL 17, PK 3, P-41 and C=1656 What is the profit maximizing amount of capital that Belfast Company should hire?