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Production function for its egg carton division

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Acme Container Corporation produces egg cartons that are sold to egg distributors. Acme has estimated this production function for its egg carton division: q = 24L0.5K0.5 such that MPL = 12K0.5L-0.5 and MPK = 12L0.5K-0.5. Acme currently pays a wage of $10 and rental price for capital of $25. Find the minimum cost input bundle (L*, K*) to produce 1000 egg cartons?

Reference no: EM131097324

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