Question
Asked Mar 19, 2019
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please help

0(L, K) = 50K-La, where K is capital and L is labour. The marginal products are
MP1 = 50自KSL-2, and MPK = 50自K_īLī.
Solve for the firm's short run supply of haircuts.
复戈
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0(L, K) = 50K-La, where K is capital and L is labour. The marginal products are MP1 = 50自KSL-2, and MPK = 50自K_īLī. Solve for the firm's short run supply of haircuts. 复戈

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Expert Answer

Step 1

Let\'s look at what information we have to work with.

 

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Step 2

We know that the marginal rate of technical substitution is equal to input cost ratio.

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Step 3

Substituting derived values  back int...

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