A firms production function is Q = 0 + 6L + 5L2 - .2L3 + 3K +
Fantastic news! We've Found the answer you've been seeking!
Question:
A firm’s production function is Q = 0 + 6L + 5L2 - .2L3 + 3K + 2K2- .2K3. The firm is currently producing output with a fixed amount of capital K =10. It hires labor with a wage rate of PL = Wage = 120. Suppose the firm is currently employing 10 units of L along with 10 units of K. The marginal cost of production is?
Related Book For
Posted Date: