A firm has a production function represented by ql75k25, Ask an Expert

Economics

A firm has a production function represented by: q=L^(.75)K^(.25) Find a function for how much capital and labor a firm should hire to produce a given level of production in terms of the price of labor, w, and the price capital, r. Suppose w=15 and r=5. What amounts of labor and capital should the firm choose in order to produce 100 units of this good in the least expensive manner?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91521447

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