(Answered) Suppose that a firm had a production function given

Management Studies

Suppose that a firm had a production function given by: q=L^0.25K^0.75. The wage rate (w) is $5 and the rental rate (r) is $10.

Calculate the amount of labor the firm would hire when it produces 400 units of output in a cost-minimizing way.

(Round to the nearest 2 decimal places if necessary.)

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