Question: A firms production function is Q = 80L.4 K.6. The firms input prices are PL = $30 and PK = $50. The firm wishes to

A firm’s production function is Q = 80L.4 K.6. The firm’s input prices are PL = $30 and PK = $50. The firm wishes to produce 3,000 units of output and minimize the cost of production. How much L should the firm employ? 

A.20.51. 

B.25.42. 

C.30.25 

D.39.95 

E.46.45.

Step by Step Solution

3.34 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Ans Given Firms production function is Q 80L04K06 Firms input prices a... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!