Firm minimizes its total cost of producing output

Reference no: EM13687484

An econometrician has calculated that when a firm minimizes its total cost of producing output Q, it uses the following amounts of the inputs, L and K:

These are the least cost combinations of L and K. The market wage and rental rates are given by w and r.

From this information decide the production function (Q in terms of L and K) that explains the technology that the firm uses. Show and explain all your calculations.

Reference no: EM13687484

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