9. A firm produces output according to a production function Q F(K,L) min {2K,4L}. a.
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9. A firm produces output according to a production function Q F(K,L)
min {2K,4L}.
a. How much output is produced when K 2 and L 3?
b. If the wage rate is $30 per hour and the rental rate on capital is $10 per hour, what is the cost-minimizing input mix for producing 4 units of output?
c. How does your answer to part b change if the wage rate decreases to $10 per hour but the rental rate on capital remains at $10 per hour?
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