What is the least-cost input combination for remodeling

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Suppose that the production function for Hannah and Sam’s home remodeling business is Q = F(L, K) = 10L0.2K0.3. If the wage rate is $1,500 per week and the cost of renting a unit of capital is $1,000 per week, what is the least-cost input combination for remodeling 100 square feet each week? What is the total cost? [HINT: you need to use the fact that under the given production function, MRTSLK = 2K/3L.]

Reference no: EM131076404

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