Suppose we now care about the long run decisions of a firm, Business Economics

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Suppose we now care about the long run decisions of a firm

Suppose we now care about the long run decisions of a firm that has a production function of the form q = 2L + 3K

1. Draw the isoquant that represents 20 units of output. 2

2. If the price of each unit of labor is 1, the price of each unit of capital is 2 and the firm decides to produce 20 units of output, find the optimal choices of labor and capital. Show all your steps. Draw the optimization problem and locate the optimal choice in the graph.

3. If the price of each unit of labor is 2, the price of each unit of capital is 5 and the firm decide.

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Business Economics: Suppose we now care about the long run decisions of a firm

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Business Economics: Suppose we now care about the long run decisions of a firm

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