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4. A manufacturing firm's production function is Q(L,K) = KL + L. Suppose that the price of capital services is equal to $10, and the price of labor services is equal to $60. If the firm wants to produce 24 units of output at the lowest possible cost, how much does it spend? a. $1070 b. $730 c. $680 d. $660 e. $230

4. A manufacturing firm's production function is Q(L,K) = KL + L. Suppose that the price of capital services is equal to $10, and the price of labor services is equal to $60. If the firm wants to produce 24 units of output at the lowest possible cost, how much does it spend? a. $1070 b. $730 c. $680 d. $660 e. $230

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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4. A manufacturing firm's production function is Q(L,K) = KL + L. Suppose that the price of capital services is equal to $10, and the price of labor services is equal to $60. If the firm wants to produce 24 units of output at the lowest possible cost, how much does it spend? a. $1070 b. $730 c. $680 d. $660 e. $230
Transcribed Image Text:4. A manufacturing firm's production function is Q(L,K) = KL + L. Suppose that the price of capital services is equal to $10, and the price of labor services is equal to $60. If the firm wants to produce 24 units of output at the lowest possible cost, how much does it spend? a. $1070 b. $730 c. $680 d. $660 e. $230
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