Question:
A firm has a production function that is homogenous of degree one given by $π = 2\sqrt{πΏπΎ}$, where π is quantity, πΏ is labour and πΎ is capital. The unit price of πΏ is Rs. 4 and the unit price of πΎ is Rs. 16. Assuming that there is zero fixed cost, the total cost (long run) of producing 10 units of π is Rs. (in integer).
A firm has a production function that is homogenous of degree one given by $π = 2\sqrt{πΏπΎ}$, where π is quantity, πΏ is labour and πΎ is capital. The unit price of πΏ is Rs. 4 and the unit price of πΎ is Rs. 16. Assuming that there is zero fixed cost, the total cost (long run) of producing 10 units of π is Rs. (in integer).
Updated On: Oct 1, 2024
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Correct Answer: 80
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The correct answer is : 80
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