(a) Suppose a Firm produce output using the production function Q=5KL. Wage rate forhiring labor 200 an hour and cost of using capital is 100 per hour. (1) Find out theoptimal quantities of labor (L') & capital (K’) to produce 1000 unit of output?. (ii) Alsoshow the result graphically and interpret.(b) Explain the concept of Isoquant and Isocost line in firm theory. Mathematically derivethe slope of isocost line and Isoquant and interpret.

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(a) Suppose a Firm produce output using the production function Q-5KL. Wage rate for hiring labor 200 an hour and cost of using capital is 100 per hour. (1) Find out the optimal quantities of labor (L) & capital (K’) to produce 1000 unit of output?. (i) Also show the result graphically and interpret.

(a) Suppose a Firm produce output using the production function Q-5KL. Wage rate for hiring labor 200 an hour and cost of using capital is 100 per hour. (1) Find out the optimal quantities of labor (L) & capital (K’) to produce 1000 unit of output?. (i) Also show the result graphically and interpret.

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter7: Analytic Trigonometry

Section7.6: The Inverse Trigonometric Functions

Problem 92E

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