Question 1 (15 Total Marks) Producer Theory A firm has the following Production Function: 1 1 Q=3K'LZ and W=P, =$10 r=P=$90 a) If the profit
Question 1 (15 Total Marks) Producer Theory A firm has the following Production Function: 1 1 Q=3K'LZ and W=P, =$10 r=P=$90 a) If the profit maximizing firm is committed to producing output Q = 6300 units at least cost, what are the optimal amounts of capital and labour the firm should employ? (6 marks)b) What is the total cast of production? [3' marks} c] Illustrate your answer. (2 marks] K
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