(12 points) If the price of labor is w = 48, and the price of capital is r = 12, how much labor and capital should the firm hire in order to minimize the cost of production if the firm wants to produce output Q = 10?

l=9, k = 36

Explanation:

Let a firm's production function= Q = L1/2*K1/2.

Price of labor is given as, w = 48

Price of capital is given as, r = 12

Formula for Cost, c = w*l + 12*k

When we put the value of Q as 10 om the first equation, we get

18 =  L1/2*K1/2

Thus, k = 324/l which is out first equation.

c= 48*l + 12*k where we place the value of k we got from first equation.

c = 48*l +12*(324/l)

After calculation of above equation, we will get l = 9

k (from first equation)= 324/9 = 36

first one

explanation:

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

                                          hope it