Suppose that the w1 r4 and the production function is given


Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the . Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the marginal product of labor and marginal product of capital are given by: MPL=(2/3)(K/L)1/3 and MPK=(1/3)(L/K)2/3. If the firm wants to produce 32 units of output in the long run, how much L and how much K should they use? are given by: MPL=(2/3)(K/L)1/3 and MPK=(1/3)(L/K)2/3. If the firm wants to produce 32 units of output in the long run, how much L and how much K should they use?

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Econometrics: Suppose that the w1 r4 and the production function is given
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