A Firm Produces Output According to the Production Function,q =

question 68

Multiple Choice

A firm produces output according to the production function,q = L^4/3K^1/2 and faces input prices equal to w = $20 and r = $80.What is the minimum cost of producing 1140 units of output?

• A) Cost = $780
• B) Cost = $694
• C) Cost = $2,071
• D) Not enough information is given to answer this problem.

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