Question: In the previous problem, what is the minimum-cost method of producing 100 machines? (Ignore the $10,000 budget constraint.) Data from Previous Problem: It costs a

In the previous problem, what is the minimum-cost method of producing 100 machines? (Ignore the $10,000 budget constraint.)

Data from Previous Problem:

It costs a company $12 to purchase an hour of labor and $15 to purchase an hour of capital. If L hours of labor and K units of capital are available, then 0.05L^2/3K^1/3machines can be produced. Suppose the company has $100,000 to purchase labor and capital.

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