question 8 For each of the following situations, Find the Total Cost function, TC(q) Identify the optimal input mix, L* and K* for the given q.   A) q = 2*MIN(L,5K); w = 8, r = 10;   i) (5 points) TC(q) = __________________       ii) (4 points) q = 20   L* = _________________   K* = _________________

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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Chapter17: Long-term Investment Analysis
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question 8

For each of the following situations,

Find the Total Cost function, TC(q)

Identify the optimal input mix, L* and K* for the given q.

 

A) q = 2*MIN(L,5K); w = 8, r = 10;

 

i) (5 points)

TC(q) = __________________

 

 

 

ii) (4 points) q = 20

 

L* = _________________

 

K* = _________________

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