What is the minimum cost of producing

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Reference no: EM13183436

Suppose that firm has a production of the form q= $K^{1/2}L^{1/2}$

a. Find the firm's marginal production function exhibit diminishing marginal returns to labor? explain

b. Capital is r=$5 per unit and that labor costs w=$20 per unit. What is the cost of producing q=100 units of K and 100 units of L?

c. What is the minimum cost of producing q=100 (r=5, w=20)

Reference no: EM13183436

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