And X( x ) = Y = min ( 3k, 71) Wasc- - 2 Rental rote = 3 Cost function = C Produce Lasing only capital ( ly) = w. Itr.k 3 KC71 minimizing cost 3 KL 7/ ( (y ) = woltrek 3K ) 71 ( cy ) = 2.0 + 3 . Y K - Y (cy ) = y 3 2. Given the production function min {3k, 71}, solve for the cost function in terms of y when the firm is free to choose both labor and capital. Wage: w = 2 and rental rate of capital: r = 3. 2 Produce using only 3 42 71 labor Zy will minimize costs ly) = 2(x) + 360) FY KY