Minimum cost that the firm has to pay to produce 72 units

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The production process used 2 inputs: Labor (L) and Capital (K). The production function is Q = min{2L,K} , the price of L is $3 and the price of K is $6. What's the minimum cost that the firm has to pay to produce 8 units?___

The production process used 2 inputs: Labor (L) and Capital (K). The production function is Q = 2L + 3K , the price of L is $3 and the price of K is $6. What's the minimum cost that the firm has to pay to produce 72 units?___

Reference no: EM132559541

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