A firm has a production function represented by ql75k25


A firm has a production function represented by: q=L^(.75)K^(.25) Find a function for how much capital and labor a firm should hire to produce a given level of production in terms of the price of labor, w, and the price capital, r. Suppose w=15 and r=5. What amounts of labor and capital should the firm choose in order to produce 100 units of this good in the least expensive manner?

Request for Solution File

Ask an Expert for Answer!!
Business Economics: A firm has a production function represented by ql75k25
Reference No:- TGS01133613

Expected delivery within 24 Hours