Solved: If the price of labor and capital are 10 and 20, Microeconomics

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If the price of labor and capital are 10 and 20

1. A firm operates with the production function Q = 5.4K 0.3 L0.5.

(a) If the price of labor and capital are $10 and $20, respectively, and the firm's management has decided to spent only $7,000 daily on production costs, how many units of output can the firm produce? (Use the substitution method).

(b) How many units of labor and capital does firm employ?

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Microeconomics: If the price of labor and capital are 10 and 20

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