Suppose that the production function for Hannah and Sam's home remodeling business is Q=FL.K) Q=10L0.2 0.3 Assume the wage rate is $8,000 per week and the cost of renting a unit of capital is $2,000 per week. a. What is the least-cost input combination for remodeling 100 square feet each week? Instructions: Round your answers to 2 decimal places. units of labor and 16.73 units of capital. 2.78 b. What is the total cost? Instructions: Round your answer to 2 decimal places. $ 55940
Suppose that the production function for Hannah and Sam's home remodeling business is Q=FL.K) Q=10L0.2 0.3 Assume the wage rate is $8,000 per week and the cost of renting a unit of capital is $2,000 per week. a. What is the least-cost input combination for remodeling 100 square feet each week? Instructions: Round your answers to 2 decimal places. units of labor and 16.73 units of capital. 2.78 b. What is the total cost? Instructions: Round your answer to 2 decimal places. $ 55940
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I haven't been able to answer this correctly, and neither has anyone I've shown, can you help me with this?
![Suppose that the production function for Hannah and Sam's home remodeling business is
Q = R(L,K)
Q=10/0.2 0.3
Assume the wage rate is $8,000 per week and the cost of renting a unit of capital is $2,000 per week.
a. What is the least-cost input combination for remodeling 100 square feet each week?
Instructions: Round your answers to 2 decimal places.
units of labor and 16.73 units of capital.
2.78
b. What is the total cost?
Instructions: Round your answer to 2 decimal places.
$ 55940](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff6f9a4d-2084-42ea-abf6-3325fa2ca826%2F21407db8-133d-48c5-819a-61a560bddd81%2F9azx7vv_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that the production function for Hannah and Sam's home remodeling business is
Q = R(L,K)
Q=10/0.2 0.3
Assume the wage rate is $8,000 per week and the cost of renting a unit of capital is $2,000 per week.
a. What is the least-cost input combination for remodeling 100 square feet each week?
Instructions: Round your answers to 2 decimal places.
units of labor and 16.73 units of capital.
2.78
b. What is the total cost?
Instructions: Round your answer to 2 decimal places.
$ 55940
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