Answered: Given Q=100kL0.5 , C=1200 w=30 r=40…

Given Q=100kL0.5 , C=1200 w=30 r=40 (a)Determine the quantity of labour and capital the firm should use in order to minimize the cost.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section21.4: Costs Of Production: Total, Average, Marginal

Problem 1ST

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Given Q=100kL^0.5 , C=1200 w=30 r=40

(a)Determine the quantity of labour and capital the firm should use in order to minimize the cost.

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