the longbow firm makes long bows. it can rent its equipment and hire workers at competitive...
the longbow firm makes long bows. it can rent its equipment and hire workers at competitive rate. Equipment needed for this firm can be rented at $52 per hour and labor can be hired at $12 per work hour. The firm has allocated $150,000 for its initial run of long bows.
The production function is Q=0.25K^(0.25)L^(0.75). What is the firms isocost equation?
A) Q=12L+52K
B)150,00=0.25(52)+0.75(L)
C)150,000=12L+52K
D)Q=0.25(52)+0.25(12L)
Please show work
Homework Answers
Isocost equation : C=wL+rK
w = 12 , r = 52 , C = 150,000
Answer : C)150,000=12L+52K
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