Suppose the production function is q= f (L,K)=2L+4K . If wages are set at w=$2 and the price of capital is r=$3 , what would be the minimum cost of producing 100 units of output? a)$50 b)$75 c)$90 d)$100 e)$80

Suppose the production function is q= f (L,K)=2L+4K . If wages are set at w=$2 and the price of capital is r=$3 , what would be the minimum cost of producing 100 units of output? a)$50 b)$75 c)$90 d)$100 e)$80

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.6P

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