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Suppose you work for Google, and you're helping to price the new Google Pixel 2. The Production function of the Pixel 2 is Q= 20K^.5L^.5. The MPL= 10(K/L)^.5 and MPk = 10(L/K)^.5
(a) Suppose that wages are $6 and capital costs $9 per unit. What is the MRTS? Note your answer will have to be in decimal form. Please round to the nearest hundredth place.
(b) Given the information and answer to 6.a what is the the capital and labor amount(rounded up to the nearest whole unit) that allows the firm to produce 49 units of Pixel 2's?
(c) Given your answer to 6.b, what is the total cost of producing 49 Pixel 2 (at this cost minimizing amount of Capital and Labor).
(d) If the firm had $300 to spend on producing Pixel 2's, what is the maximum number of phones it can produce (rounded to the nearest whole unit of production)?
This document contains various important questions and their appropriate answers in the subject field of Economics.
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