Question: Question - 3 ( Cost Minimization ) ( 2 0 points ) A firm uses labor and machines to produce outputaccording to the production function

Question-3(Cost Minimization)(20 points) A firm uses labor and machines to produce outputaccording to the production function f(L, M)=4L1/2M1/2, where L is the number of units of laborused and M is the number of machines. The cost of labor is $20 per unit and the cost of using amachine is $5.

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