Question: Consider a price-taking firm whose production function is given by q = 4 [min(5L, 8K)] 1/2 whereL and K denote respectively the amount of labour

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

q = 4 [min(5L, 8K)]1/2

whereL 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 22 and the price of the firm's output is p=230 .

Derive the firm's cost function of the firm.Then enter below the value of the firm's marginal cost at q = 10 units of output.

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