(Answered) Cricom products limited production function is nbsplnq

Management Studies

CARICOM Products Limited production function is lnQ = 0.63 + 0.43lnK + 0.56lnL. Given that price of labour (L) is $20 and the price of capital (K) is $33

(i) What is the optimal mix?

(ii) What is the firm's output elasticity and returns to scale? Explain.

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