Suppose a rms production function is given by q f lk 5lk, Ask an Expert

Economics

Suppose a rm's production function is given by Q = F (L,K ) = 5LK . The wage rate is $100 per unit of labor and the rental rate of capital is $50 per unit of capital.

(a) What is the least-cost combination of capital and labor if the rm produces 1000 units of output?

(b) What is the rm's long run cost function?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91386651

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