G… Show more Fit to Wear production function is lnQ = 2.12

Homework Assistance Economics G… Show more Fit to Wear production function is lnQ = 2.12

Economics

G… Show more Fit to Wear production function is lnQ = 2.12

G… Show more Fit to Wear production function is lnQ = 2.12 + 0.75lnK + lnL; where K is capital and L is labour. Given that the MRTS is K = 2L and the price of capital is $60 a) What is the price of labour? [03 MARKS] b) What is the cost of producing 100,000 units of output? [04 MARKS] c) Suppose the price of capital increases by 20%, what are the implications? • Show less

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