Escribe the least cost combination of l and k

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Reference no: EM1344665

Q1. Do you feel that the FED should have more accountability to publicly elected officials (politicians/policymakers); or, do you believe that FED independence should be preserved? Please explain.

Q2. production process using two inputs, labor and capital, can be written as:

Q = 5LK

MPK = 5L

MPL = 5K

where Q represents output per day (tons). The unit costs of inputs are $150 for labor (L) and $100 for capital (K). Describe the least cost combination of L and K when output is produced at the rate of 1,000 tons per day. Describe the required outlay for 1,000 tons per day.

Reference no: EM1344665

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