Answer to Question #154214 in Microeconomics for Rojia

Question

Pizza My Kidney requires both labor (L) and capital (K) to make pizzas. Labor costs $4 per unit and capital costs $1.50 per unit. The production function for this company is F (L,K) = L^3/4 K^1/5. If capital is fixed in the short-run at 32 units, what is the minimum cost required to produce 54 units.

Answer 1

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