The ACME Lock Company's production function is given byQ = 10K0.7L0.3, whereKandLare ACME's annual capital and labor inputs, respectively, andQis their annual output, measured in 1000s of locks.

The prices per unit of capital and labor arepK= $10000andpL= $5000, respectively.

(a) (6 pts)Find ACME'sminimum costof producing 60,000 locks.

(b) (2 pts)Find ACME'smaximum outputif their production budget isB = $100,000.

Hint:You can use information from(a)to help solve(b) you don't have to do the optimization problem from scratch (unless you want to).

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