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(Constraint Optimization) Given the production function: Q = 2 K 1/2 L1/2 Where, Q is the total output. K refers capital and L refers
(Constraint Optimization) Given the production function: Q = 2 K 1/2 L1/2 Where, Q is the total output. K refers capital and L refers Labour. 1 unit of capital costs $4 and 1 unit of labour costs $3. Find out the level of capital (K) and labour (L) which minimise the total cost if firm produces 160
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Fundamentals of Engineering Economics
Authors: Chan S. Park
3rd edition
132775425, 132775427, 978-0132775427
