How much l and how much k should they use

Assignment Help Econometrics

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

Questions Cloud

Prepare the journal entries to record : Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2012, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1.

What is the impedance of the secondary coil : In a transformer, the voltage across the primary coil is 120 V rms, and the voltage across the secondary coil is 10 kV rms (i.e. 10 000V). What is the impedance of the secondary coil

State the volume of hydrogen gas can be produced by reacting : What volume of hydrogen gas can be produced by reacting 3.86 g of aluminum in excess of hydrochloric acid at 21 degrees Celsius and 102 kPa? The reaction is:

Find min returns the minimum key in the search tree : Find min returns the minimum key in the search tree, find min obj returns the object belonging to the minimum key,

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..

Define the formula of a product : Give the formula of a product (derived from the first-named substance) that may be formed in the following reactions. (Note, in the example that any lower oxidation state compound is possible

What would be the change in millers operating profits : Assume that Miller is operating at full capacity. If Miller were to accept Brisbois''s offer, what would be the change in Miller''s operating profits?

Determine the quick ratio for both companies : The current assets and current liabilities for Apple Computer, Inc., and Dell Inc. are shown as follows at the end of a recent fiscal period.

Explain ice melt to lower the temperature : How much ice (in grams) would have to melt to lower the temperature of 352 mL of water from 24^\circ C to 4^\circ C? (Assume the density of water is 1.0

User Account

All Pages