Question: 3. A firms production function is given by Q = 80KL. Unit capital and labour costs are $2 and $1 respectively. The firm is contracted

3. A firm’s production function is given by Q = 80KL. Unit capital and labour costs are $2 and $1 respectively. The firm is contracted to provide 4000 units of out- put and wants to fulfill this contract at minimal cost. What is the minimal cost? [15 marks]

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