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You are the production manager who has been directed to produce 1,280 units of output. What is the minimum cost for you to do so

You are the production manager who has been directed to produce 1,280 units of output. What is the minimum cost for you to do so given the price of capital of $10, a wage rate of $20 and a production function where TP = 10KL. (12 marks)

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You are the production manager who has been directed to produce 1,280 units of output. What is the minimum cost for you to do so given the price of capital of $10, a wage rate of $20 and a production function where TP = 10KL. (12 marks) Optimal amount of capital: (4 marks) Optimal amount of labour: (4 marks) Minimum total cost to produce 1,280 units: (4 marks)

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