What values cost-minimizing firm use for both labour-capital, Microeconomics

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What values cost-minimizing firm use for both labour-capital

A manufacturing firm's production function is Q = KL + K +L. For this production function, MPL = K + 1 and MPK = L + 1. Suppose that the price r of capital services is equal to 1, and let w denote price of the labour services. If the firm is required to produce 5 units of output, for what values of w would a cost-minimizing firm use

a) only labour?
b) only capital?
c) both labour and capital?

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Microeconomics: What values cost-minimizing firm use for both labour-capital

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Microeconomics: What values cost-minimizing firm use for both labour-capital

Reference No:- TGS047181

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : What is lou''s recognized gain or loss on this exchange

Q : Estimating value of a put option

Q : Compute beta corporation state f taxable income

Q : What is pat''s recognized gain on the exchange

Q : What values cost-minimizing firm use for both labour-capital

Q : Problem on federal taxable income

Q : Determining the current market price of bonds

Q : What bev''s tax consequences are

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: What values cost-minimizing firm use for both labour-capital

Reference No:- TGS047181

Recent Questions Asked Microeconomics

Q : What is lou''s recognized gain or loss on this exchange

Q : Estimating value of a put option

Q : Compute beta corporation state f taxable income

Q : What is pat''s recognized gain on the exchange

Q : What values cost-minimizing firm use for both labour-capital

Q : Problem on federal taxable income

Q : Determining the current market price of bonds

Q : What bev''s tax consequences are

Q : Explain average price about data-use in decision making

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