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Determining optimal combination of inputs

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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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Solution Summary

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

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


Marginal Revenue Product of ...

Solution provided by:
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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