Question: The production function being y=2K 1/3 L 1/2 . The cost of K is r=40 and the cost of L is w=15, however, we do

The production function being y=2K^1/3L^1/2. The cost of K is r=40 and the cost of L is w=15, however, we do not know the market price of p and therefore how much of y to produce.

a. Find the conditional factor demands for L and K.

b.Find the minimized cost function C(y).

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