Question: Suppose a production function is given by q = K L 2 . the price of capital is $ 1 0 and the price of

Suppose a production function is given by q=KL2. the price of capital is $10 and the price of labor is $16. The capital is fixed at the level K=8.
a. What is the Marginal rate of technical substitution (MRTS), if they are using 16 units of labor?
b. Calculate the total cost function ( function of output (q))
c. What is the quantity of labor that minimizes the cost of producing any level of output?
d. What is the minimum cost of producing q units of output?
Suppose a production function is given by q=KL2. the price of

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