Consider the following production function:.
q = 100 L^0.8 k^0.4
Currently the wage rate (w)...
Business, 05.11.2020 18:40 esanchez2002fcb
Consider the following production function:.
q = 100 L^0.8 k^0.4
Currently the wage rate (w) is $1.00 and the price of capital (r) is $2.00.
If the firm is using 200 units of capital in production, how much labor should be employed to minimize costs?
(Enter a numeric response using a real number rounded to two decimal places.)
Answers: 3
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