Question: Suppose a firm has a production function q = 5 L 0 . 6 K 0 . 4 , where L represents labor and K

Suppose a firm has a production function q =5 L 0.6K0.4, where L represents labor and K represents capital. The firm hires labor at a wage rate of w = $10 and rents capital at a rate of r = $20.(a) Determine the marginal product of labor (MPL) and the marginal product of capital (MPK) for this production function: MP L =3.0 L 0.4 K0.4, MPK =2.0 L 0.6 K0.6(2 points)(b) Determine the slope of the isocost curves for this firm: w r =0.5(1 point)(c) If the goal is to produce 100 units, what is the optimal input combination of labor and capital?

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