Business, 27.11.2019 00:31, ThatOneGuy8144

Afirm produces output (y) using two inputs, labor (l) and capital (k), according to the following cobb-douglas production function: y = f(l, k) = l^0.25 k^0.75. assume that =100 and k=50 and suppose that the firm decides to reduce its use of capital and replace those machine hours with some additional labor hours. approximately how many labor hours will the firm need to add for each machine hour it cut in order to maintain the same level of output (i. e., stay on the same isoquant)? give your answer to two decimal places.

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Afirm produces output (y) using two inputs, labor (l) and capital (k), according to the following co...