Problem
Q = 6LK
w = $3, r = $1.5
The firm would like to know the maximum output that can be produced for $9,000. Find the combination of inputs that maximizes output for a cost of $9,000, the amount of output that can be produced, and identify the expansion path.
Fill in Multiple Blanks
(a) The expansion path is_______ (enter the equation of the expansion path in the form K = f(L)).
For (b), if rounding is required, round your answer to the whole number (i.e., do not show the decimal places). Enter the numerical value only, do not enter any symbols ($, €, %, etc.).
(b) The combination of inputs that maximizes output for a cost of $9,000 is: K = _____ units and L = units, and the amount of output that can be produced is_______ units.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.