How much l and how much k should they use

Reference no: EM13498933

Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the marginal product of labor and marginal product of capital are given by: MPL=(2/3)(K/L)1/3 and MPK=(1/3)(L/K)2/3. If the firm wants to produce 32 units of output in the long run, how much L and how much K should they use?

Reference no: EM13498933

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How much l and how much k should they use : Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the marginal product of labor and marginal product of capital are given by: MPL=(2/3)(K/L)1/3 and MPK=(1/3)(L/K)2/3. If the firm wants to produce 32 unit..

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