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Monster Inc. is a small firm that produces sodas. A.Hoover’s long-run production function is Q =2K^0.5L^0.5. For this production function, the MPL = K^0.5/L^0.5and the MPK = L^0.5/K^0.5. The unit price of labor is $3and the unit price of capital is $15.
a) Calculate the cost-minimizing quantities of capital and labor that Monster Inc. should use to produce700 sodas each month? [Round off your final answers to the nearest whole number, if necessary]Use the condition that MRTS = relative price of both inputs (see slides and text. Same principle as MRS= relative price of goods in consumer theory)
b) Calculate Monster Inc.’s minimum cost of producing 700 bottles of water.Use the minimum quantities you get from part (a) to calculate the total minimum cost the firm mustspend to produce these 700 units.
Monster Inc. is a small firm that produces sodas.A. Hoover’s long-run production function is Q =2K^0.5L^0.5. For this production function, theMPL = K^0.5/L^0.5and the MPK = L^0.5/K^0.5. The…
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