What amounts of capital and labor inputs should be used

Reference no: EM13239643

Suppose that 3M has the production function q=KL, and the input prices are given by r=$2, w=$3. The 3M wants to produce 600 unit of output and minimize cost of production.
(a) What amounts of capital and labor inputs should be used by the 3M?
(b) What is the minimum cost of production?

Reference no: EM13239643

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