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How much labor should be employed to minimize

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Reference no: EM132270413

Consider the following production? function:

q = 100 L0.5K.5 

Currently the wage rate? (w) is ?$20.00 and the price of capital? (r) is ?$5.00.

If the firm is using 100  units of capital in? production AND the production price is $10, how much labor should be employed to minimize costs and maximize profits?

Reference no: EM132270413

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