Answer to Question #327006 in Microeconomics for Isha

Question

A firm wants to minimize the cost of producing 40units of output. Given wage as to be $36 and price of capital as $4. Output is produced according to the Cobb Douglas production function Q= VLK

i. Find the unit of input (labour and capital) the producer will use to minimize the cost of producing the given output

ii. Find the total cost of producing the given output

Answer 1

It's been a while since this question is posted here. Still, the answer hasn't been got. Consider converting this question to a fully qualified assignment, and we will try to assist. Please click the link below to proceed: Submit order