thankyou 7.17. A paint manufacturing company has a production function Q = K+ VLQ = K + vVL. For this production function MPK=1 and MPL = 1/ (2/L) MPL = 1/(2 VL). The firm faces a price of labor w that equals $1 per unit and a price ofcapital services r that equals $50 per unit.a) Verify that the firm's cost-minimizing input combination to produce Q= 10 involves no use of capital.b) What must the price of capital fall to in order for the firm to use a positive amount of capital, keeping Q at 10 and w at 1?%3Dc) What must Q increase to for the firm to use a positive amount of capital, keeping w at 1 and r at 50?

Answered: 7.17. A paint manufacturing company has…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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