A Suppose A Firm Produces According To The Production Function Q 3k1 3l1 3 And Faces A Wage Rate Of 5 And A Rental Rate 1 (63.98 KiB) Viewed 64 times
the answers are k=50 and L=20. i need an explanation. thanks
a Suppose a firm produces according to the production function Q=3K1/3L1/3 and faces a wage rate of $5 and a rental rate of capital of $2. They sell their output at a price of $10. Compute the profit maximizing amounts of each input factor: capital (K) and labor (L).
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