Given a production function of fixed input ratio $Q = min {2 L, 3 K}$ Questions: (1) Set $P_{L} = 1, P_{K} = 3$ , Find the $K$ and $L$ values and the minimum cost used to produce 120 units of production. If $P_{L} = 4, P_{K} = 2$ , what are the $K$ and $L$ values and the minimum cost used to produce 120 units of production? (2) Set $P_{L} = 4, P_{K} = 3$ , calculate the values of $K, L$ , and the maximum output when $C = 180$ .

Question

Given a production function of fixed input ratio

Q = min {2 L, 3 K}

Questions: (1) Set

P_{L} = 1, P_{K} = 3

, Find the

K

and

L

values and the minimum cost used to produce 120 units of production. If

P_{L} = 4, P_{K} = 2

, what are the

K

and

L

values and the minimum cost used to produce 120 units of production? (2) Set

P_{L} = 4, P_{K} = 3

, calculate the values of

K, L

, and the maximum output when

C = 180

.

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(Solved): Given a production function of fixed input ratio Q=min{2L,3K} Questions: (1) Set PL=1,PK=3, F ...