Find the cost minimizing combinations of capital and labor a firm should employ in the following cases, the total cost, and the average cost. a. Production function: q = K1/2*L1/2, q = 20, w = $10, v = $20 b. Production function: q = K1/2*L1/2, q = 20, w = $15, v = $20 c. Production function: q = K1/2*L1/2, q = 10, w = $10, v = $25

ECON MICRO
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ISBN:9781337000536
Author:William A. McEachern
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Chapter7: Production And Cost In The Firm
Section: Chapter Questions
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2. Find the cost minimizing combinations of capital and labor a firm should employ in the following cases, the total cost, and the average cost.

a. Production function: q = K1/2*L1/2, q = 20, w = $10, v = $20

b. Production function: q = K1/2*L1/2, q = 20, w = $15, v = $20

c. Production function: q = K1/2*L1/2, q = 10, w = $10, v = $25

d. Production function: q = K1/3*L2/3, q = 10, w = $15, v = $15

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