If the production function is q = min{L, K/3} and the price of L is $3 per unit (w=3), and the price of K is $1 (r=1), Then the cost function is given by: c(w.r.g)= q(w+r)2 O c(w.r.a)= q O c(w.r.g)= 5q O c(w.r.g)= 6q None of the above
If the production function is q = min{L, K/3} and the price of L is $3 per unit (w=3), and the price of K is $1 (r=1), Then the cost function is given by: c(w.r.g)= q(w+r)2 O c(w.r.a)= q O c(w.r.g)= 5q O c(w.r.g)= 6q None of the above
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 18P
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![If the production function is q = min{L, K/3} and the price of L is $3 per
unit (w=3), and the price of K is $1 (r=1), Then the cost function is given
by:
O (w,rg)= q(w+r)2
c(w.r.g)= q
c(w.r.g)= 5q
c(w.r.a)= 6q
None of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F53c7b6af-11cd-4d45-8a38-8840dc8a8d20%2Fceb0e314-4603-4058-8e89-61fb88a3a437%2Fwz95mr1_processed.png&w=3840&q=75)
Transcribed Image Text:If the production function is q = min{L, K/3} and the price of L is $3 per
unit (w=3), and the price of K is $1 (r=1), Then the cost function is given
by:
O (w,rg)= q(w+r)2
c(w.r.g)= q
c(w.r.g)= 5q
c(w.r.a)= 6q
None of the above
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