If the production function of a firm is given by Q= K2L3 and the input prices are r= birr 8 per unit and w= birr 2 per unit, find the levels of labor and capital that maximize the level of output for a total of birr 240.

If the production function of a firm is given by Q= K2L3 and the input prices are r= birr 8 per unit and w= birr 2 per unit, find the levels of labor and capital that maximize the level of output for a total of birr 240.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.6P

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