Question: 3 . ( 2 7 points ) Let the production function of a firm be given by X = f ( l , k )

3.(27 points) Let the production function of a firm be given by X=f(l,k)=3l^1/3*k^1/3. Let the cost of labor and capital be w=r=2. Let the price of the produced good be shown by p.
(a) Find the conditional factor demands and cost function by solving the cost minimization problem.
(b) If p =20, find the production level at which the firm maximizes its profit, the amount of labor and capital it will use, its total cost and its profit.
(c) Obtain the same result by solving the firm's profit maximization problem.

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