The price of labor l is 50 for each unit and the price of, Ask an Expert

Economics

Assume that Company Joy has the following production function:

Q=LxC.

The price of Labor (L) is $50 for each unit and the price of capital (C) is $20 per unit. How much labor and capital should Joy employ to produce 100,000 units? Find out the total cost of production?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9305401

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