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Problem: A company's production function is q(L,K)=.25K^0.25L^0.75 where q is the number of electrical fittings, L is labor measured in person hours, and K is capital measured in machine hours. Employees earn $45 per hour and the rental rate is $45 per machine hour. The project requires you to produce q = 617 electrical fittings.
Required:
Question 1: How many capital machine hours and labor hours will you need to employ to minimize costs?
Question 2: How much will it end up costing your company to produce this amount
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