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Imagine long run production for the firm is indicated by: Q=f(k,e) where: MPe=k-150 MPk=E-60

In addition, assume the firm's isocost equation is given by: C=wE+rK Where C=$240,000 r=$600 w=$800

1) find out the firm's optimal amount of capital and labor.

2) Suppose wages fall to w=$500. find out the firm's optimal amount of capital and labor in this case.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M937486

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