Business, 15.01.2020 19:31, kaffolter25

Afirm in monopolistic competition tends to have more control over price when it is g

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Business, 22.06.2019 20:30, smarty5187

(30 total points) suppose a firm’s production function is given by q = l1/2*k1/2. the marginal product of labor and the marginal product of capital are given by: mpl = 1/ 2 1/ 2 2l k , and mpk = 1/ 2 1/ 2 2k l . a) (12 points) if the price of labor is w = 48, and the price of capital is r = 12, how much labor and capital should the firm hire in order to minimize the cost of production if the firm wants to produce output q = 18?

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Afirm in monopolistic competition tends to have more control over price when it is g...