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    Determining optimal combination of inputs

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    Q=10L-.5L2+24K-K2

    Marginal revenue production function?
    Optimal labor/capital values given a profit maximization goal?

    Price of labor: $40
    Price Capital: $80
    Output sells for $10

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    https://brainmass.com/economics/output-and-costs/determining-optimal-combination-of-inputs-388089

    Solution Preview

    Q=10L-0.5L^2+24K-K^2

    Total Revenue=Price(P)*output=10*(10L-0.5L^2+24K-K^2)

    TR=100L-5L^2+240K-10K^2

    Marginal Revenue Product of ...

    Solution Summary

    Solution describes the steps to determine marginal revenue product function. It also determines optimal combination of inputs.

    $2.49

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