QUESTION 1 A farmer uses K units of machinery and L hours of labor to produce C tons of corn, with the production function, C=2L0.5K. The farmer currently uses L = 20 and K = 10. Suppose the input price ratio is w/r = 1. What would you tell the farmer to do in order to minimize his cost of production given the current level of output? O a. You should use less machinery and less labor. O b. You should use less machinery and more labor. O c. You should use more machinery and less labor. O d. You should use more machinery and more labor.

QUESTION 1 A farmer uses K units of machinery and L hours of labor to produce C tons of corn, with the production function, C=2L0.5K. The farmer currently uses L = 20 and K = 10. Suppose the input price ratio is w/r = 1. What would you tell the farmer to do in order to minimize his cost of production given the current level of output? O a. You should use less machinery and less labor. O b. You should use less machinery and more labor. O c. You should use more machinery and less labor. O d. You should use more machinery and more labor.

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter7: Analytic Trigonometry

Section7.6: The Inverse Trigonometric Functions

Problem 94E

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