Find the input of labor to produce ten units of output, Microeconomics

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Find the input of labor to produce ten units of output

Let Q = L1/3K2/3, where Q is output, L is labor and K is capital.

(1) Let w = 1 and r = 2, where w is the wage rate and r is the rental rate of capital. Solve for the optimal input combination to produce 10 units of output.

(2) Now suppose that the firm's capital is fixed in the short run at 5 units with w = 1 and r = 2. Find the input of labor to produce 10 units of output.

(3) For arbitrary values of w, r and Q, solve for the (long run) input demand curves. (4) Now suppose that the firm's capital is fixed in the short run at K ¯ . Find the firm's short run demand for labor.

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Microeconomics: Find the input of labor to produce ten units of output

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Microeconomics: Find the input of labor to produce ten units of output

Reference No:- TGS066293

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Find the input of labor to produce ten units of output

Reference No:- TGS066293

Recent Questions Asked Microeconomics

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Q : In which country company locate new plant to minimize costs

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