A firm has a production function Q = F(K,L) with constant returns to scale, where K is units of capital and L is units of labour. Inputpricesarer=$2perunitofKandw=$1perunitofL. When it produces 5 units of output, it uses 2 units of capital and 3 units of labour. When its long-run total cost is equal to $70, how much capital and laobur it will employ to product how many units of output? What is the long-run average cost? 5The production function for a product is given by Q ? 10KL , where K is the quantity of capital and L is the quantity of labour. If the price of capital input is $120 per day and the price of labour is $30 per day, what is the minimum cost of producing 1000 units of output?
