WeBWorkSet14: Problem 4 Previous Problem Problem List Next Problem (2 points) A company produces widgets. Their production function is given by f (K, L) - 2K 212 tons, where K is units of capital and L is units of labor. Each unit of capital cost the company 3 thousand dollars and each unit of labor costs 12 thousand dollars. The company needs to produce 48 tons of widgets. What is the minimum cost of production the company can achieve subject to this constraint? minimum cost = thousand dollars. Preview My Answers Submit Answers You have attempted this problem 0 times. You have unlimited attempts remaining

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