A company is currently using its two inputs L and K, where MPL - 3.2K04L 02 and MPK - 1.6K -0.6 0.8 The firm pays a wage (W) of $80 per L and pays a rental rate of capital (R) of $40 per K. unit(s) of K for every The optimal (cost minimizing) combination of labor and capital is to employ unit of L (K should be times L). Answer as a whole number.
A company is currently using its two inputs L and K, where MPL - 3.2K04L 02 and MPK - 1.6K -0.6 0.8 The firm pays a wage (W) of $80 per L and pays a rental rate of capital (R) of $40 per K. unit(s) of K for every The optimal (cost minimizing) combination of labor and capital is to employ unit of L (K should be times L). Answer as a whole number.
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section7.A: Appendix: A Closer Look At Production And Cost
Problem 1AQ
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