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A firm's production function is Q = min(2L, 4K), where Q is the number of units of output produced using K units of capital and
A firm's production function is Q = min(2L, 4K), where Q is the number of units of output produced using K units of capital and L units of labour. The factor prices are w = $4 (for labor) and r = $3(for capital).If the firm wants to produce Q = 12units, to minimize the cost, the firm must use?units of capital. The minimum total cost to produce 12 units is $ ?.
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