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Production function, Microeconomics
Your firms production function : Q=4K^1/2L^1/2
Suppose that the price of labor is $5 and the price of capital is $20. Your firm desires to produce 200 units of output. How much labor will be hired to minimize the costs of producing 200 units of output?
Posted Date: 11/5/2012 2:47:48 PM | Location : United States
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