Given the production function Q=30K0.7 L 0.5 the input price are w=30 a Determine the equation for the expansion d r=20 What is the different efficient input combination for an output rate of Q = 200 ? for Q=500?

Given the production function Q=30K0.7 L 0.5 the input price are w=30 a Determine the equation for the expansion d r=20 What is the different efficient input combination for an output rate of Q = 200 ? for Q=500?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 1.5CE

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Given the production function Q=30K0.7 L 0.5 the input price are w=30 a

Determine the equation for the expansion

d r=20

What is the different efficient input combination for an output rate of Q = 200 ? for Q=500?

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