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Suppose that a firm had a production function given by: q=L^0.25*K^0.75. The wage rate (w) is...

Suppose that a firm had a production function given by: q=L^0.25*K^0.75. The wage rate (w) is $10 and the rental rate (r) is $20. Calculate the amount of labor the firm would hire when it produces 300 units of output in a cost-minimizing way

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MRTs- 425 (L)-4% K45 3L 300: (L)(9)96 L . 300(4) 2

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