onsider a production function Q = (K1/2) + (L1/2) + (M1/2) where L, K, M represent labor, capital, and material.  Input prices for L, K, M are 1, 1, and 1.  The firm wants to produce 12 units of output.     a) What is the total cost if K = 4?  b) What is the total cost if K = 4 and L = 9?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
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Chapter7: Production Economics
Section: Chapter Questions
Problem 6E
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Consider a production function Q = (K1/2) + (L1/2) + (M1/2) where L, K, M represent labor, capital, and material.  Input prices for L, K, M are 1, 1, and 1.  The firm wants to produce 12 units of output.  

 

a) What is the total cost if K = 4? 

b) What is the total cost if K = 4 and L = 9?

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