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Consider the following production function: q=100L0.8K0.4 Currently the wage rate (w) is $20.00 and the price of capital
Posted: Sun Jun 05, 2022 12:07 pm
by answerhappygod
- Consider The Following Production Function Q 100l0 8k0 4 Currently The Wage Rate W Is 20 00 And The Price Of Capital 1 (46.04 KiB) Viewed 44 times
Consider the following production function: q=100L0.8K0.4 Currently the wage rate (w) is $20.00 and the price of capital (r) is $10.00. If the firm is using 20 units of capital in production, how much labor should be employed to minimize costs? Labor input = units. (Enter a numeric response using a real number rounded to two decimal places.)