Mathematics, 21.12.2020 17:50 erinharrington15
Let the production function be given by q = square root of L K end root , with rental rate r = $2 and wage rate w = $5.
1. How much K and L are employed to produce 30 units of output?
2. Suppose that in the short run the amount of capital is fixed at K = 4, what is the short run total cost of producing 20 units of output?
Answers: 3
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Let the production function be given by q = square root of L K end root , with rental rate r = $2 an...
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