What is the cost-minimizing input mix for producing

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A firm produces output according to a production function Q=F(K,L)=min {2K,4L}
a. how much output is produced when K=2 and L=3?
b. if the wage rate is $30 perhour and the rental rate on capital is $10 per hour, what is the cost-minimizing input mix for producing 4 units of output?
c. how does your annswer to part b change if the wage rate decreases to $10 per hour but the rental rate on capital remains at $10 per hour?

Reference no: EM13222977

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