Find the minimum cost of producing 10 units of output

Reference no: EM13224097

A firm has a production function of the form Y=2L+5K where Y is the output and L and K are the two inputs. The unit cost of L is $2 and per unit cost of K is $3.

Draw an iso-cost line for this firm, showing combinations of L and K that cost $6 and another iso-cost line showing combinations that cost $12. What are the slopes of these iso-cost lines?

Sketch the production isoquant depicting 10 units of output. Find the minimum cost of producing 10 units of output.

Reference no: EM13224097

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