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Please answer both questions thank you! Suppose in the long run a firm's production function is given by q = MIN(3L, 9K). Also, the price
Please answer both questions thank you!
Suppose in the long run a firm's production function is given by q = MIN(3L, 9K). Also, the price of Labor is w = 6, and the price of Capital is r = 7. If the firm minimizes its cost of production, how much will it cost the firm to produce q = 10 units of output? Please round your answer to two decimal places. Suppose in the long run a firm's production function is given by q = (1/2K1/2. Also, suppose the price of Labor is w 16, and the price of Capital is r = 4. Suppose the firm produces q = 10 units of output. If the firm minimizes its cost of production, the horizontal intercept (L-axis) of the Isocost line will equal [Select] and the vertical intercept (K-axis) of the Isocost line will equal [Select] [ Select ] 10 80 40 5 20Step by Step Solution
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