Determining optimal quantities of labor and capital, Microeconomics

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Determining optimal quantities of labor and capital

Q1) Let Q = L^αK^β, assume the firm seeks to manufacture a given output while minimizing its total input cost: TC = P_LL + P_KK. Illustrate that optimal quantities of labor and capital satisfy L/K = (α/β) (P_K/P_L). Give an intuitive explanation for this result.

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Microeconomics: Determining optimal quantities of labor and capital

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Microeconomics: Determining optimal quantities of labor and capital

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