What is the slope of isocost line

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A firm uses labor and capital to produce output according to the production function q= 100KL, where L is the number of units of labor used and K is the number of machines. Suppose the price of capital is $120 per day and the price of labor $30 per day. What is the marginal product of labor and capital? Find the marginal rate of technical substitution. What is the slope of isocost line? Tangency condition? What is the minimum cost of producing 1000 units of output?

Reference no: EM13732389

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