7. Suppose a firm's short-run production function is given by Q-L+4R (perfect substitutes!), the firm wants...

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7. Suppose a firm's short-run production function is given by Q-L+4R (perfect substitutes!), the firm wants to produce 100 units and workers' wage are $20 per hour. a) Graph the isoquant for Q-100 b) Graph the isocost when the cost of robots per hours is $100. How many workers are going to be hired? c) Graph the isocost when the cost of robots per hours is $30. How many workers are going to be hired? 7. Suppose a firm's short-run production function is given by Q-L+4R (perfect substitutes!), the firm wants to produce 100 units and workers' wage are $20 per hour. a) Graph the isoquant for Q-100 b) Graph the isocost when the cost of robots per hours is $100. How many workers are going to be hired? c) Graph the isocost when the cost of robots per hours is $30. How many workers are going to be hired?

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Suppose a firms shortrun production function is given by Q L 4R perfect substitutes where L represents the number of workers R represents the number of robots and Q represents the output level The fir... View the full answer