Optimal Input Combinations..QUESTION• A producer of a particular product has the following productionfunction:Q = 100K05 L05During the last production period, the firm operated efficientlyand used input rates of 100 and 25 for capital and labour,respectively.(a). What is the marginal product of capital and the marginalproduct of labour based on the input rates specified?(b). If the rental price of capital was N20 per unit, what was thewage rate?(C). Suppose that the rental price of capital is expected to increaseto N25 while the wage rate and the labour input will remainunchanged under the terms of a labour contract. If the firmmaintains efficient production, what input rate of capital will beused?

Q=100K^0.5L^0.5. K = 100, L = 25. a.) The marginal product of capital and marginal product of labor…

Answered: QUESTION • A producer of a particular…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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