Suppose the firm's production function is Q = K¹/3L2/3, where the MPK = [2/3 and MPL 3K-2/3 13 2K-¹/3 31¹/3 If the rental rate of capital R is $35 and the wage rate Wis $70, how many units of labor and capital should the firm use to produce 12 units of output? L = 18; K = 9 L = 12; K = 12 L = 9; K= 18 L = 24; K = 24 =

Suppose the firm's production function is Q = K¹/3L2/3, where the MPK = [2/3 and MPL 3K-2/3 13 2K-¹/3 31¹/3 If the rental rate of capital R is $35 and the wage rate Wis $70, how many units of labor and capital should the firm use to produce 12 units of output? L = 18; K = 9 L = 12; K = 12 L = 9; K= 18 L = 24; K = 24 =

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section7.A: Appendix: A Closer Look At Production And Cost

Problem 1AQ

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