The production function is f (L, M ) = 5L1/2M 1/2, where L is the number of units of labor and M is the number of machines. If the amounts of both factors can be varied and if the cost of labor is $9 per unit and the cost of using machines is $64 per machine, then what is the total cost of producing 12 units of output?
The production function is f (L, M ) = 5L1/2M 1/2, where L is the number of units of labor and M is the number of machines. If the amounts of both factors can be varied and if the cost of labor is $9 per unit and the cost of using machines is $64 per machine, then what is the total cost of producing 12 units of output?
Chapter1: Making Economics Decisions
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The production function is f (L, M ) = 5L1/2M 1/2, where L is the number of units of labor and M is the number of machines. If the amounts of both factors can be varied and if the cost of labor is $9 per unit and the cost of using machines is $64 per machine, then what is the total cost of producing 12 units of output?
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