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Economics

A company is trying to figure out the cheapest way to produce 36 toys. The companyâ€^TMs technology is given by:

Q=2Ã-LÃ-K;

Where:

Q: Number of toys produced;

L: The amount of labor used; and

K: The amount of capital used.

Assume further that the cost of one unit of labor is $3 and the cost of one unit of capital is $6.

Which combination of labor and capital would you recommend?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9447395

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