Question
3. A firms production function is given by Q = 80KL. Unit capital and labour costs are $2 and $1 respectively. The firm is contracted
3. A firm’s production function is given by Q = 80KL. Unit capital and labour costs are $2 and $1 respectively. The firm is contracted to provide 4000 units of out- put and wants to fulfill this contract at minimal cost. What is the minimal cost? [15 marks]
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Mathematics for Economics and Business
Authors: Ian Jacques
9th edition
129219166X, 9781292191706 , 978-1292191669
