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A firm produces a single output, Q, using the production function: Q = K 1/3 L 1/3 , where K is capital and L is
A firm produces a single output, Q, using the production function: Q = K 1/3L 1/3 , where K is capital and L is labour. The cost of K per unit is $1 and L per unit is $2. Find the optimal choices of K and L that will minimize the cost of production for the firm when it intends to produce Q units of output.
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