For the production function Q = K0.3 0.7 and the budget 123 = 6K + 3L find the NEW LEVEL in the optimal employment of capital (K) after wages change by a factor of 1.1 while maintaining the same level of output. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).

For the production function Q = K0.3 0.7 and the budget 123 = 6K + 3L find the NEW LEVEL in the optimal employment of capital (K) after wages change by a factor of 1.1 while maintaining the same level of output. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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