A firm with a production function Q = KL (where K is units of capital and L is units of labor) has an expansion path that is given by K = 2L. The wage rate (W) is $20 and the rental on capital is $10.
Insert TB725 
Assuming that the firm is using the optimal mix of inputs for any given output level, the total cost when using three units of labor is $____.
Definitions:
Studying Economics
The academic pursuit of understanding how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their desires and needs.
Opportunity Cost
Opportunity Cost is the foregone benefit that would have been derived by choosing the next best alternative when making a decision.
Marginal Analysis
An examination of the added benefits of an activity compared to the added costs incurred by that same activity.
Cell Phones
Portable electronic devices that allow users to make voice calls, send text messages, and access various digital services.
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