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