You produce shoes (Q) with labor (L) and capital (K). The production process is as so: Q = 400L - 20L2 + 600K - 10K² The cost of labor is $20 and the cost of capital is $30. You have a budget of $880. How many units of labor (L) should you employ? Enter as a value.
You produce shoes (Q) with labor (L) and capital (K). The production process is as so: Q = 400L - 20L2 + 600K - 10K² The cost of labor is $20 and the cost of capital is $30. You have a budget of $880. How many units of labor (L) should you employ? Enter as a value.
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 2SQ
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