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Does this bundle of capital and labor also minimize the cost

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Sam and Erica are starting a new restaurant in california. While Sam plans to do the cooking himself, he will need to employ workers and machinery to produce food. He estimates his production function as: q = 15L.25K

Sam is able to accumulate $10,000 to finance the business. Workers cost $10 and capital costs $50.

a. If Sam wishes to produce the most output with the finances available, how much labor and capital should Sam employ?

b. Does this bundle of capital and labor also minimize the costs? Explain using a graph.

Reference no: EM132346175

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