Optimal combination of inputs

Reference no: EM1370097

Assume that Company Joy has the following production function:

Q=LxC.

The price of Labor (L) is $50 for each unit and the price of capital (C) is $20 per unit. How much labor and capital should Joy employ to produce 100,000 units? Find out the total cost of production?

Reference no: EM1370097

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