SCENARIO 2. A firm's production function is given by Q = 4K + 8L and the input prices for capital and labour are r= S10 and w= $5. If the firm decided to produce Q-400 units Refer to SCENARIO 2. What is the minimum tolal cost that the firm can incur and still meet ils production goal? Select one: a. $500.00 b. $1,000.00 C. $250.00 O d. $100.00

SCENARIO 2. A firm's production function is given by Q = 4K + 8L and the input prices for capital and labour are r= S10 and w= $5. If the firm decided to produce Q-400 units Refer to SCENARIO 2. What is the minimum tolal cost that the firm can incur and still meet ils production goal? Select one: a. $500.00 b. $1,000.00 C. $250.00 O d. $100.00

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.9P

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