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Assume that a firm employs labor and capital by paying $40 per unit of labor employed and $200 per hour to rent a unit of capital. Given that the production function is given by: Q= 10L - L^2 +60K -1.5K^2, where Q is total output, L is labor an K is capital , What is the firm's optimal combination of capital and labor?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9449186

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