Question: 4. Suppose that a firm's production function is q = 10KiL, The Marginal Products of Capital and L…

30 Apr Question: 4. Suppose that a firm’s production function is q = 10KiL, The Marginal Products of Capital and L…

Posted at 19:42h in 2Past Paper by Exams

4. Suppose that a firm’s production function is q = 10KiL, The Marginal Products of Capital and Labour are therefore as follows. The firm can rent capital (K) and hire labour (L) at competitive rates. The cost of a unit of labour is 20 and the cost of a unit of capital is 80. (a) Write down the equation for the isocost curve. 0o iad the cos minimisi q0i (c) What is the minimum total cost (C) associated with producing 140 units of output? (d) Suppose the price of capital increases. Would your answer to (b) change? Explain with the aid of a diagram

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Question: 4. Suppose that a firm’s production function is q = 10KiL, The Marginal Products of Capital and L…