Prunella raises peaches where L is the number of units of labor she uses and T is the number of units of land she uses. Her output is f(L, T) = LT bushels of peaches. If the cost of land is 2 and the wage for labor is 7, find the cost minimizing amount of labor to use subject to the constraint that output must be 137 bushels. Round your answer to the second decimal place, e.g., 12.345 = 12.35.

Prunella raises peaches where L is the number of units of labor she uses and T is the number of units of land she uses. Her output is f(L, T) = LT bushels of peaches. If the cost of land is 2 and the wage for labor is 7, find the cost minimizing amount of labor to use subject to the constraint that output must be 137 bushels. Round your answer to the second decimal place, e.g., 12.345 = 12.35.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 3.7P

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