Business, 25.12.2019 03:31 CheerA170

Suppose that a firm's production function is given by q = kl(mpk = l and mpl = k), where q is the quantity of output, k is units of capital, and l is units of labor. the price per unit of labor and capital are $30 and $20, respectively.(a) how many units of labor and capital should the firm use if it wants to minimize the cost of producing 600 units of output? (b) suppose that the firm experiences a technological change, transforming its production function to q = 1.23kl (mpk = l and mpl = k). what is the minimum cost of producing 600 units of output?

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Suppose that a firm's production function is given by q = kl(mpk = l and mpl = k), where q is the qu...

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