QUESTION 16 Find the lowest cost of producing 100 units of output if output is produced according to the Cobb-Douglas Q = 5K^0.3L^(1-0.3), and r = 2 and w = 4. Give your answer to one decimal place (if you find 0.132: your answer should be 0.1).

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
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Chapter2: Second-order Linear Odes
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QUESTION 16
Find the lowest cost of producing 100 units of output if output is produced according to the Cobb-Douglas Q =
5K^0.3L^(1-0.3), and r = 2 and w = 4. Give your answer to one decimal place (if you find 0.132: your answer
should be 0.1).
Transcribed Image Text:QUESTION 16 Find the lowest cost of producing 100 units of output if output is produced according to the Cobb-Douglas Q = 5K^0.3L^(1-0.3), and r = 2 and w = 4. Give your answer to one decimal place (if you find 0.132: your answer should be 0.1).
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