Consider the following production function: q = 100L0.8K0.4 Currently the wage rate (w) is $12.00 and the price of capital (r) is $4.00. If the firm is using 100 units of capital in production, how much labor should be employed to minimize costs? Labor input = | units. (Enter a numeric response using a real number rounded to two decimal places.)

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Consider the following production function:
q = 100L0.8K0.4
Currently the wage rate (w) is $12.00 and the price of capital (r) is $4.00.
If the firm is using 100 units of capital in production, how much labor should be employed to minimize costs?
Labor input = units. (Enter a numeric response using a real number rounded to two decimal places.)
Transcribed Image Text:Consider the following production function: q = 100L0.8K0.4 Currently the wage rate (w) is $12.00 and the price of capital (r) is $4.00. If the firm is using 100 units of capital in production, how much labor should be employed to minimize costs? Labor input = units. (Enter a numeric response using a real number rounded to two decimal places.)
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