Assume that a firm employs labor and capital by paying $40 per unit of labor employed and $200 per hour to rent a unit of capital. Given that the production function is given by: Q = 10L - L² + 60K -1.5K², where Q is total output, L is labor, and K is capital, what is the firm's optimal combination of capital and labor?

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The Answer of Assume that a firm employs labor and capital by paying $40 per unit of labor employed and $200 per hour to rent a unit of capital. Given that the production function is given by: Q = 10L - L² + 60K -1.5K², where Q is total output, L is labor, and K is capital, what is the firm's optimal combination of capital and labor?

Assume That a Firm Employs Labor and Capital by Paying