A factory that you are managing has an hourly production process that can be represented by the

following Cobb-Douglas production function: Q = KI

The price of one unit of capital per hour is $30 and the price of one unit of labour per hour is $60. You need to produce 600 units of output or Qo=600

1. Find the optimal amount of labour and capital that you will be using.
2. Compute the total cost.
3. Draw a diagram.

e) Explain your approach in words.

Don't answer by pen paper and don't use chatgpt otherwise be ready for .big dounvote