briyanuhh124 briyanuhh124

24-05-2023
Business

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Specter Inc. produces a product using capital, K, and labor, L. The production function is given by q= f (K, L) = min {50K, 10L} The wage (price per unit of labor) is w = $8, while the price per unit of capital is r = $15. What is the minimum cost of producing q = 8000 units of the product?

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