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a) Ear Us (producer of hi-tech hearing aid) production function is Q = KL. The company over
the years uses input rates of 60 and 75 for capital and labour respectively. The price of capital
is $40 and labour is $35 per telephone.
(i) Is there efficiency in production? Why? (04 MARKS)
(ii) If $58,000 is allocated to production,what is the maximum output?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91220383

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