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ECON 100.2 - Supposed that the firm producing leather bags

Question # 00542339
Subject: Economics
Due on: 06/08/2017
Posted On: 06/08/2017 04:39 AM

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Supposed that the firm producing leather bags has a production function of Q=5K1/3L2/3, where Q stands for quantity produced, K stands for capital and L stands for labor. The marginal product of labor is (10/3)(K/L)1/3while the marginal product of capital is (5/3)(L/K)2/3.
  • a. Supposed that wage is equal to 150 Php and the rent of capital is 300 Php. What will be the capital-labor ratio assuming the firm follows the least cost rule?
  • b. Suppose that the firm has a fixed capital of 27 units. How many laborers should the firm hire if the current price of a leather bag is 300 Php?
  • c. What is the marginal product of labor in letter b?
  • d. What is the marginal revenue product of capital in letter b?
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ECON 100.2 - Supposed that the firm producing leather bags

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