Find cost-minimizing combination of labor and capital, Microeconomics

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Find cost-minimizing combination of labor and capital

Suppose the production of airframes is characterized by a CobbDouglas production function: Q =LK. The marginal products for this production function are MPL = K and MPK = L. Suppose the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost-minimizing combination of labor and capital if the manufacturer wants to produce 121,000 airframes.

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Microeconomics: Find cost-minimizing combination of labor and capital

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Microeconomics: Find cost-minimizing combination of labor and capital

Reference No:- TGS0515784

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Determining riordans manufacturing strategy

Q : Find out output elasticities for k and l

Q : Determine the chase strategy

Q : Unknown periods and unknown interest rate

Q : Find cost-minimizing combination of labor and capital

Q : Computations for a retirement fund

Q : Computation of present value

Q : Explain market equilibrium under monopolistic competition

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Find cost-minimizing combination of labor and capital

Reference No:- TGS0515784

Recent Questions Asked Microeconomics

Q : Determining riordans manufacturing strategy

Q : Find out output elasticities for k and l

Q : Determine the chase strategy

Q : Unknown periods and unknown interest rate

Q : Find cost-minimizing combination of labor and capital

Q : Computations for a retirement fund

Q : Computation of present value

Q : Explain market equilibrium under monopolistic competition

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