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Determine the cost-minimizing capital

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Suppose you manage a firm with the production function Q = F(K, L) = 4K + 8L, and you are able to hire labor at $60 per hour and your rental rate on capital is $20 per hour. Show your steps and calculations to determine the cost-minimizing capital (K) and labor (L) mix to produce 32 units of output (Q).

Provide a graphically illustration (manually drawn graph) to justify your answer in (c).

Reference no: EM132492163

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