A firm has the monthly production function

where L is worker hours per month and K is square feet of manufacturing space.
a. If the hourly wage rate is $50 and manufacturing space costs $25 per square foot per month, what is the firm's least-cost input combination for producing 100 units?
b. Graph its output expansion path.
c. What is its cost function?

Transcribed Image Text:

Q=F(L, K)=L+y1+K,