[4 points] Suppose that the production function is Q=10K+5L and that =5 and =10. The...
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Accounting
- [4 points] Suppose that the production function is Q=10K+5L and that =5 and =10. The price of Labour is $3 and t he price of capital is $2.
- Find the optimal input choice (L and K) if the firm wanted to produce 50 goods.
- Draw the Isoquant for Q=10 and Q=20
- Plot the expansion path on the diagram in b).
- Find the input demand function of L and K. (without knowing prices of Q, I want the general case)
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