Please correct answer and don't use hand raiting A company manufactures a product using inputs x, y and z according to the productionfunctionQ(x, y, z) = 20x2yzThe prices per unit are $4 for x, $2 for y and $1 for z. What quantity of each input shouldbe used in order to manufacture 1200 units of the product (i.e. Q = 1200) at minimumcost?

Ans. ) Given the question is about the minimization of the cost of production.For this, the first…

Answered: A company manufactures a product using…

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 4.2IP

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A company manufactures a product using inputs x, y and z according to the production function Q(x, y, z) = 20x2yz The prices per unit are $4 for x, $2 for y and $1 for z. What quantity of each input should be used in order to manufacture 1200 units of the product (i.e. Q = 1200) at minimum cost?