Consider the following production? function:q = 100 L0.5K.5 Currently the wage rate? (w) is ?$20.00 and the price of capital? (r) is ?$5.00.If the firm is using 100 units of capital in? production AND the production price is $10, how much labor should be employed to minimize costs and maximize profits?Is there a way to use MPL and MPK while solving
Units of capital
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