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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Solution Summary
Solution describes the steps to determine marginal revenue product function. It also determines optimal combination of inputs.
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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 ...
Education
- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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