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The production function is f (L, M) = 4.L1/2.M1/2, where L is the number of units of labor and M is the number of machines.
The production function is f (L, M) = 4.L1/2.M1/2, where L is the number of units of labor and M is the number of machines. If the amounts of both factors can be varied and if the cost of labor is $64 per unit and the cost of using machines is $1 per machine, calculate the total cost of producing 20 units of output.
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