Determine how much labor is needed

Reference no: EM13190719

Suppose the following equations are true:
Production Function: Q = K1/3L2/3,
which means MPK = 1/3K-2/3L2/3,
MPL = 2/3K1/3L-1/3
MRTS = 2(K/L)
Total Cost = rK + wL
r = .2
w = $5

A) Currently, K = 100. What is the cost of producing 10 units in the short run? determine how much labor is needed?

Reference no: EM13190719

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