Question: 3 Question 3 (24 points) Suppose a rm can use either. capital (K) or labor (L) in a production process. The rm's production function is

3 Question 3 (24 points) Suppose a rm can use either. capital (K) or labor (L) in a production process. The rm's production function is given by Q = 2 - mm(4L,5K). The price of labor is $12 per unit and the price of capital is $7 per unit. , a) (8 points) What is the rm's total cost function? 'LQ _, Ca. LiL= 51 K" 80; '35 TL: 9%; U - Q/s 5w '53

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