A Firm S Production Function Is Given By Q 40k0 6l0 4 Each Unit Of Capital Costs 80 And Each Unit Of Labour Costs 10 1 (36.62 KiB) Viewed 11 times
A Firm S Production Function Is Given By Q 40k0 6l0 4 Each Unit Of Capital Costs 80 And Each Unit Of Labour Costs 10 2 (6.25 KiB) Viewed 11 times
A Firm S Production Function Is Given By Q 40k0 6l0 4 Each Unit Of Capital Costs 80 And Each Unit Of Labour Costs 10 3 (8.55 KiB) Viewed 11 times
A Firm S Production Function Is Given By Q 40k0 6l0 4 Each Unit Of Capital Costs 80 And Each Unit Of Labour Costs 10 4 (8.85 KiB) Viewed 11 times
A firm's production function is given by Q = 40K0.6L0.4 Each unit of capital costs $80 and each unit of labour costs $100. (a) Find the maximum level of output if the total input costs are $500,000. (b) Estimate the increase in production if an addtional $5,000 is made available. (c) Show that the ratio of marginal product to price is the same for both inputs. (a) Maximum output Q = (Round to the nearest integer as needed.)
(b) Increase in output is units (Round to the nearest unit as needed.)
(c) The ratio of the marginal product of capital to price is (Round your answer to two decimal places.)
The ratio of the marginal product of labour to price is (Round your answer to two decimal places.)
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