Suppose Marginal product of labor (MPL) = 5K and Marginal product of labor (MPK) = 5L. Also, the firm faces a wage rate of $150 per unit of labor and rent of $1000 per unit.
(i) Least cost combination of L and K when Q = 1000. (8 points)
(ii) total cost of producing 1000 unit of Q. (2 points)
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