Microeconomics Theory - Production and Cost Function

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A firm has the following production function Q and cost function as follows:

Q= KL where Q = quantity, K=capital, L=labor

C= 3L +12K where C= cost

Calculate the cost when the firm produced 36 units.

Hint: In equilibrium, \(\boxed{MPK/r=MPL/w}\) where MPK and MPL are marginal products of capital and labor respectively; and w and r are cost of capital and labor.


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