Suppose the firm's production function is Q = K1/3L2/3, where the MPK = 
and MPL = 
)
If the rental rate of capital R is $35 and the wage rate W is $70, how many units of labor and capital should the firm use to produce 12 units of output?
Definitions:
Dull Lectures
Lectures that are uninteresting or boring, often perceived as monotonous and lacking in engaging content.
Equilibrium
A situation in a market or model where supply equals demand, and there is no incentive for change.
Lemons
A term used in economics to refer to products of significantly lower quality that cannot be easily distinguished from higher quality products before purchase.
Original Owners
The initial owners of an asset, property, or enterprise before any transfers of ownership.
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