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A firm produces output according to a production function: Q = F ( K,L ) = min {4 K ,8 L }. a. How much

A firm produces output according to a production function:

Q=F(K,L) = min {4K,8L}.

a. How much output is produced whenK= 2 andL= 3?

b. If the wage rate is $60 per hour and the rental rate on capital is $20 per hour, what is the cost-minimizing input mix for producing 8 units of output?

a) Capital:

b) Labor:

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