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Calculate the minimum total production cost

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Reference no: EM13332877

Q=5L^2 + 8K^2 - 2LK

Unit cost of Capital and Labour = $8

Derive the MPL, MPK and slopes of isoquant and isocost lines.

Find the values of K and L which minmise Total input costs if production quota is 1625

Calculate the minimum total production cost

Reference no: EM13332877

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