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Suppose that a firm had a production function given by: q=2L0.5K0.25. The rental rate for the firm is $10 and the wage is $5. Solve the optimization condition for K and then fill in the value that appears in front of L. K= (Round to the nearest 2 decimal places if necessary.)

Suppose that a firm had a production function given by: q=2L0.5K0.25. The rental rate for the firm is $10 and the wage is $5. Solve the optimization condition for K and then fill in the value that appears in front of L. K= (Round to the nearest 2 decimal places if necessary.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Suppose that a firm had a production function given by: q=2L0.5K0.25. The rental rate for the firm is $10 and the wage is $5. Solve the optimization condition for K and then fill in the value that appears in front of L. K= (Round to the nearest 2 decimal places if necessary.)
Transcribed Image Text:Suppose that a firm had a production function given by: q=2L0.5K0.25. The rental rate for the firm is $10 and the wage is $5. Solve the optimization condition for K and then fill in the value that appears in front of L. K= (Round to the nearest 2 decimal places if necessary.)
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