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Q denotes units of output, K un… Show more A firm produces

Paper help Economics Q denotes units of output, K un… Show more A firm produces

Economics

Q denotes units of output, K un… Show more A firm produces

Q denotes units of output, K un… Show more A firm produces according to the production function Q=K^0.3L^0.7 Q denotes units of output, K units of capital, and L units of labor. The price of capital is $6 per unit, and the price of labor is $7 per unit. a) what is the optimal Capital/Labor ratio? b) If the firm can spend a total of $420 in K and L what is the optimal amount of k and the optimal amount of L ? • Show less

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