Find the optimum level of capital that generates the lowest cost of producing 146 units of output if output is produced according to the Cobb- Douglas Q = 6*(K^0.3)*(L^(1-0.3)), and r= 6 and w = 6. Give your answer to one decimal place (if you find 0.132: your answer should be 0.1).

Find the optimum level of capital that generates the lowest cost of producing 146 units of output if output is produced according to the Cobb- Douglas Q = 6(K^0.3)(L^(1-0.3)), and r= 6 and w = 6. Give your answer to one decimal place (if you find 0.132: your answer should be 0.1).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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