Explain what would the price of labor have to be in order, Macroeconomics

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Explain what would the price of labor have to be in order

M&O Construction has the production function Q=6L+36K. The price of capital r=$30.

1. Explain what would the price of labor have to be in order for the firm to choose to use both capital and the labor as inputs?

2. Assume w=6 and target output is 720. Determine the optimal choice of L and K for this firm?

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Macroeconomics: Explain what would the price of labor have to be in order

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Macroeconomics: Explain what would the price of labor have to be in order

Reference No:- TGS0870952

Have a Question? (oR Write a Review)

Recent Questions Asked Macroeconomics

Q : What level of output should be produced in each market

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Q : How well does paper currency serve the functions

Q : Explain what economic idea is the author alluding

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Macroeconomics: Explain what would the price of labor have to be in order

Reference No:- TGS0870952

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