Suppose the production function for T-shirts can be represented as q = L0.25K0.75. a. When K =

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Suppose the production function for T-shirts can be represented as q = L0.25K0.75.

a. When K = 1 and q = 2, how many labor is used?

b. When K = 1 and q = 2, what is the slope of the isoquant?

c. Given that price of labor is 5 and price of capital is 10, is current usage of K and L optimal? if not, how should it be adjusted?

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College Physics

ISBN: 978-0321601834

7th edition

Authors: Jerry D. Wilson, Anthony J. Buffa, Bo Lou

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Posted Date: Jan 13, 2021 11:58 PM

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Suppose the production function for T-shirts can be represented as q = L0.25K0.75. a. When K =

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a b The Slope of the isoquant is c At ... View the full answer

College Physics

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