The input prices of k l and m are 4 16 and 1 respectively, Econometrics

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The input prices of k l and m are 4 16 and 1 respectively

The production function Q = KL + M has marginal products MP_K = L, MP_L = K, and MP_M = 1. The input prices of K, L, and M are 4, 16, and 1, respectively. The firm is operating in the short run, with K fixed at 20 units. What is the short-run total cost of producing 400 units of output?

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Econometrics: The input prices of k l and m are 4 16 and 1 respectively

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Econometrics: The input prices of k l and m are 4 16 and 1 respectively

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