Mazambane16681 Mazambane16681

29-04-2024
Business

Answered

Consider the following production function.
q = 100l⁰⋅⁸k⁰⋅⁴
Currently, the wage rate (w) is $15.00 and the price of capital (w) is $5.00. If the firm is using 100 units of capital in production, how much should be employed to minimize costs?

Answer :

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