A firm produces output according to the production function, q = L4/3K
A firm produces output according to the production function, q = L4/3K1/2 and faces input prices equal to w = $20 and r = $80. What is the minimum cost of producing 1140 units of output?
A) Cost = $780
B) Cost = $694
C) Cost = $2,071
D) Not enough information is given to answer this problem.
ANSWER
B
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