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Category > Economics Posted 03 May 2017 My Price 9.00

(Appendix) The Hormsbury Corporation produces yo-yos

(Appendix) The Hormsbury Corporation produces yo-yos at its factory. Both its labor and capital markets are competitive. Wages are $12 per hour, and yo-yo-making equipment (a computer controlled plastic extruding machine) rents for $4 per hour. The production function is q = 40K0.25L0.75, where q = boxes of yo-yos per week, K = hours of yo-yo equipment used, and L = hours of labor. Therefore, MPL = 30K0.25L-0.25 and MPK = 10K-0.75L0.75. Determine the cost minimizing capital-labor ratio at this firm.

 

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Status NEW Posted 03 May 2017 06:05 PM My Price 9.00

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