A firms production function is given by Q = 50KL Unit capital and labour costs are $2

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A firm’s production function is given by Q = 50KL Unit capital and labour costs are $2 and $3, respectively. Find the values of K and L which minimise total input costs if the production quota is 1200.

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Mathematics for Economics and Business

ISBN: 978-1292191669

9th edition

Authors: Ian Jacques

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Question Posted: Apr 18, 2019 10:05 AM

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A firms production function is given by Q = 50KL Unit capital and labour costs are $2

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50 KL1200K 241 TC 2 K 3 L48I 3L At ...View the full answer

Mathematics for Economics and Business

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