The firm's production function is given as: Q (L,K) = 2L + 30K. The costs of Labor (L) and Capital (K) are given as: w = $20 and r= $2 and firm's desired level of output (Q) is 1,000 units. Based on this information, what is the I input (L,K) combination for this firm? %3D a. K=40, L=600 b. K=40, L=0 c. K=0, L=40 d. K=0, L=600

The firm's production function is given as: Q (L,K) = 2L + 30K. The costs of Labor (L) and Capital (K) are given as: w = $20 and r= $2 and firm's desired level of output (Q) is 1,000 units. Based on this information, what is the I input (L,K) combination for this firm? %3D a. K=40, L=600 b. K=40, L=0 c. K=0, L=40 d. K=0, L=600

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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