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Start Now has a production function of Q = K1.2L0.5. Given that the price of capital (K) is $125 and the MRTS is K = L

a) What is the price of labour?

b) How many units of capital and labour will be used to produce 1,000 units?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939205

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