Question: Suppose a firm with a production function given by Q = 30 K 0.5 L 0.5 produces 2,500 units of output. The firm pays a

Suppose a firm with a production function given by Q = 30K^0.5L^0.5 produces 2,500 units of output. The firm pays a wage of $80 per unit and pays a rental rate of capital of $60 per unit. MP_L = 15K^0.5/L^0.5 and MP_K = 15L^0.5/K^0.5. How many units of labor and capital should the firm employ to minimize the cost of producing 3,000 units of output, and what would be the total cost?

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