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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?

Tags leather bags producing firm 0 supposed econ capital product firm marginal labor stands supposed letter leather fixed rule follows cost suppose units price revenue current hire laborers auming wage function q5k13l23 production bags producing quantity produced rent

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