Suppose that firms face the following production function: Q = L1/4 iuppose that firms face the follwing production function: Q = 1.1/ 4K 3/4. Suppose
Suppose that firms face the following production function: Q = L1/4
iuppose that firms face the follwing production function: Q = 1.1/ 4K 3/4. Suppose also that price of labor and price of capital If the firm wants to produce 120 units of output, what is the optimum amount of labor, capital and associated cost respectively? Q) 30, 30, 360 0 60, 60, 120 C) 120, 120, 1440 C) 240, 240, 2880
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