6 R 12-2A Japanese synthetic rubber manufacturer's production function is q 10-L5 K05, Supposethat its wage, w, is $11 per hour and the rental cost of capital, r, is $44. What is the equationof the long-run cost function and the conditional factor demands?K05Consider that MP =5-and MPK%3DL05=5R 12-3Consider the following production function: q= 100 L08. K4. Currently the wage rate (w)is $8 and the price of capital (r) is $2. If the firm is using 200 units of capital in production,how much labor should be employed to minimize costs?%3DK04Consider that MPL = 80 -and MPK=40.

q=10L0.5K0.5 -----------------1 w=$11 r=$44 MPL = 5*K0.5L-0.5 MPK = 5*L0.5K-0.5

R 12-2 A Japanese synthetic rubber manufacturer's production function is q = 10-L05 K Suppose that its wage, w, is $11 per hour and the rental cost of capital, r, is $44. What is the equation of the long-run cost function and the conditional factor demands? Consider that MP 5- and MPR = 5. L06

R 12-2 A Japanese synthetic rubber manufacturer's production function is q = 10-L05 K Suppose that its wage, w, is $11 per hour and the rental cost of capital, r, is $44. What is the equation of the long-run cost function and the conditional factor demands? Consider that MP 5- and MPR = 5. L06

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Chapter1: Making Economics Decisions

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Question

R 12-2
A Japanese synthetic rubber manufacturer's production function is q 10-L5 K05, Suppose
that its wage, w, is $11 per hour and the rental cost of capital, r, is $44. What is the equation
of the long-run cost function and the conditional factor demands?
K05
Consider that MP =5-
and MPK
%3D
L05
=5
R 12-3
Consider the following production function: q= 100 L08. K4. Currently the wage rate (w)
is $8 and the price of capital (r) is $2. If the firm is using 200 units of capital in production,
how much labor should be employed to minimize costs?
%3D
K04
Consider that MPL = 80 -
and MPK
=40.

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