9) A firm has a production function y = 3x1 + x2. If the factor prices...

 

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9) A firm has a production function y = 3x1 + x2. If the factor prices are $12 for factor 1 and $3 for factor 2, what is the minimum cost of producing 30 units of output? $1,170 $1,080 $360 $180 $90 (+) a. b. C. d. 10) The production function is y(L, K) = 2L/2K/2, where L is the number of units of labour and K is the number of units of capital used. If the cost of labour is $36 per unit and the cost of capital is $4 per unit, then the total cost of producing 24 units of output will be a. b. C. d. e. $144 $194 $288 (+) $388 $576 9) A firm has a production function y = 3x1 + x2. If the factor prices are $12 for factor 1 and $3 for factor 2, what is the minimum cost of producing 30 units of output? $1,170 $1,080 $360 $180 $90 (+) a. b. C. d. 10) The production function is y(L, K) = 2L/2K/2, where L is the number of units of labour and K is the number of units of capital used. If the cost of labour is $36 per unit and the cost of capital is $4 per unit, then the total cost of producing 24 units of output will be a. b. C. d. e. $144 $194 $288 (+) $388 $576

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9 To find the minimum cost of producing 30 units of output we need to determine the optimal combination of factors x and y that minimize the cost whil... View the full answer