A firm buys two inputs, labor L and capital K, the total amount of which cannot exceed 100 units. The wage is $8, and the rental rate of capital is $10. The firm can, at most, spend $840 on the two inputs.
This data can be summarized in the following equations:
Input limit: K + L = 100
Budget limit: 8L + 10K = 840
What are the quantities of two inputs the firm must buy in order to produce a maximum output, given input and budget constraints?
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Oct 14, 2020EXPERT
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