Question: Consider a price-taking firm whose production function is given by q = 4 (L/5 + K/8) 1/2 where L and K denote respectively the amount

Consider a price-taking firm whose production function is given by

q = 4 (L/5 + K/8)^1/2

where L and K denote respectively the amount of labour and capital the firm uses to produce q units of output.

Suppose the price of labour is w = 17, the price of capital is r= 22 and the price of the firm's output is p=230 .

Determine the amount of capital the firm will use to minimize the cost of producing 1 unit of output at the input prices stated above.

Then enter below the value of this capital amount

Consider a price-taking firm whose production function is given by q = 4 (L/5 + K/8)1/2 where Land K denote respectively the amount of labour and capital the firm uses to produce q units of output. Suppose the price of labour is w = 17, the price of capital is r= 22 and the price of the firm's output is p=230. Determine the amount of capital the firm will use to minimize the cost of producing 1 unit of output at the input prices stated above. Then enter below the value of this capital amount. Consider a price-taking firm whose production function is given by q = 4 (L/5 + K/8)1/2 where Land K denote respectively the amount of labour and capital the firm uses to produce q units of output. Suppose the price of labour is w = 17, the price of capital is r= 22 and the price of the firm's output is p=230. Determine the amount of capital the firm will use to minimize the cost of producing 1 unit of output at the input prices stated above. Then enter below the value of this capital amount

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