SOLUTION: I am taking a class in Economics. The problem I am trying to work is:
Q=10K^0.5 L^0.5 Q=10K^0.6 L^0.4
These are production function of two companies where Q is th
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-> SOLUTION: I am taking a class in Economics. The problem I am trying to work is:
Q=10K^0.5 L^0.5 Q=10K^0.6 L^0.4
These are production function of two companies where Q is th
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Question 131193This question is from textbook Microeconomics
: I am taking a class in Economics. The problem I am trying to work is:
Q=10K^0.5 L^0.5 Q=10K^0.6 L^0.4
These are production function of two companies where Q is the number of computers produced per day, K is hours of machine time, and L is hours of labor input. We need to find out the output for these equations. The problem asks if both companies use the same amount of capital and labor, which will generate more output?
How are these problems worked? This question is from textbook Microeconomics
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I used subscripts because in the 1st equation
will not necessarily equal in the 2nd equation
The problem says is the same in both cases
and is the same in both cases
How does compare with ?
I will set up the ratio or
Suppose
If then,
If then,
