Given that the total cost of producing a tin of milk is TC=wL+rK, where w,l,r and k are rent,labor,rent and capital, Find the maximum amounts of capital and labor required to produce a tin of milk?
1
Expert's answer
2019-05-27T12:20:05-0400
The amount of labour and capital used in production is optimal and maximizes output when MPL/w = MPK/r, where MPL and MPK are marginal product of labour and capital.
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
APPROVED BY CLIENTS
"assignmentexpert.com" is professional group of people in Math subjects! They did assignments in very high level of mathematical modelling in the best quality. Thanks a lot
Comments
Leave a comment