A firm has a budget of 1140 and can buy inputs k and l at 3, Business Economics

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A firm has a budget of 1140 and can buy inputs k and l at 3

Question: 1. A firm has a budget of £1,140 and can buy inputs K and L at £3 and £8 respectively a unit. Its output is determined by the production function

Q = 6K + 20L - 0.025K² - 0.05L²

for positive values of Q. What is the maximum output it can produce?

2. A firm operates with the production function Q = 30K0.4L0.2 and buys inputs K and L at £12 per unit and £5 per unit respectively. What is the cheapest way of producing 750 units of output? (Work to nearest whole units of K and L.)

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