. The production function is f(L, M) = 4L12M¹/2, where L is the number of units of labor and M is the number of machines used. If the cost of labor is $49 per unit and the cost of machines is $16 per unit, then what is the total cost of producing 5 units of output?

. The production function is f(L, M) = 4L12M¹/2, where L is the number of units of labor and M is the number of machines used. If the cost of labor is $49 per unit and the cost of machines is $16 per unit, then what is the total cost of producing 5 units of output?

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 18PAE

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Question

30. The production function is f(L, M) = 4L1/2 M¹2, where L is the number of units of
labor and M is the number of machines used. If the cost of labor is $49 per unit and
the cost of machines is $16 per unit, then what is the total cost of producing 5 units
of output?

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