A firms unit capital and labour costs are $4 and $1, respectively. If the production function is
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A firm’s unit capital and labour costs are $4 and $1, respectively. If the production function is given by Q √LK and total input costs are $120, use the method of Lagrange multipliers to find the levels of K and L which maximise output. Verify that the ratio of marginal products to price is the same for both inputs at the optimum.
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12 gKLA LK 1204K L 112420 11LK12 KLK1 A0 g k ag L 0 ...View the full answer
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