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What is the equation of the output expansion path

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Reference no: EM13876892

Consider a firm with the production function Q = KL.

(a) Is this production function homogeneous? If yes, of what degree?

(b) If labor and capital cost $100 and $200 per unit, what is the equation of the output expansion path?

(c) If the firm wants to spend $8,000 on labor and capital, what is the maximum output it can produce? How many units of L and K does it employ?

Reference no: EM13876892

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