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Satsume Satsume
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7 years ago
A production process using two inputs, labor and capital, can be written as:
   Q = 5LK    MPK = 5L   MPL = 5K       
where Q represents output per day (tons).  The unit costs of inputs are $150 for labor (L) and $1,000 for capital (K).  Determine the least cost combination of L and K when output is produced at the rate of 1,000 tons per day.  Determine the required outlay for 1,000 tons per day.
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Microeconomics

Microeconomics


Edition: 8th
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oracledarrenoracledarren
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7 years ago
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Satsume Author
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7 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
amandamraz
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This site is awesome
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