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Q = 25L^.4 K^.6 where Q = output measured in one thousand covers, L = labor measured in person hours and K =capital measured in machine hours. Techcovers currently pays a wage of $10 per hour and considers the relevant rental price of capital to be $25 per hour. Determine the optimal capital labor ratio that tech covers should use in their production of covers. if the firm's budget is $7500, how much labor and capital should be employed?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91227087

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