A firm's production takes the form: F(L,K) = 2L√ √K (Assume K is on the y-axis when graphing) The wage rate is $10 and the rental rate is $40. If the firm cost minimizies when producing 1024 units of output, what is the firm's total cost? Note: enter number(s) only and convert any fraction to a decimal.

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ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Proudction Costs
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QUESTION 13
A firm's production takes the form:
F(L,K) = 2L√ √K
(Assume K is on the y-axis when graphing)
The wage rate is $10 and the rental rate is $40. If the firm cost minimizies when producing 1024 units of output, what is the firm's total cost?
Note: enter number(s) only and convert any fraction to a decimal.
Transcribed Image Text:QUESTION 13 A firm's production takes the form: F(L,K) = 2L√ √K (Assume K is on the y-axis when graphing) The wage rate is $10 and the rental rate is $40. If the firm cost minimizies when producing 1024 units of output, what is the firm's total cost? Note: enter number(s) only and convert any fraction to a decimal.
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