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008 5. Suppose labor costs $100 per unit, whilst capital costs $200 per unit. Suppose the pro duction output & with K units of capital
008 5. Suppose labor costs $100 per unit, whilst capital costs $200 per unit. Suppose the pro duction output & with K units of capital and L units of labor is given by Q = 900L1/2K2/3 with K 2 0, L 2 0. a. Find the minimum cost required to obtain an output of 36000. Be sure to justify graphi- cally that you have found the minimum. b. Maximize production given a $10,000 budget constraint. Justify you have found the maximum
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