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Suppose the firm's production function is Q = K1/3L2/3. a. If the rental rate of capital...

  1. Suppose the firm's production function is Q = K1/3L2/3.

a. If the rental rate of capital R = $30 and the wage rate W = $40, what is the cost-minimizing capital-to-labor ratio?

b. If the rental rate of capital R is $35 and the wage rate W is $70, and assuming the same production function, how many units of labor and capital should the firm use to produce 12 units of output?

c. What is the total cost of producing these 12 units?

Can someone please help and explain...

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