Problem
1. With the production function Q = 2 min(K, L) and the cost function C = 2K + 3L, what combination of inputs minimizes costs for Q = 10? Show this solution graphically.
2. A young college student on a tight budget is campaigning for an open city council seat. A friend in her economics class estimates that voters are influenced by TV and newspaper ads according to the following function: Votes = 300TV 0.6NP0.2, where TV represents the number of television ads and NP represents the number of newspaper ads. Thus, the marginal product of a newspaper ad is 60TV0.6N P-?0.8 and the marginal product of a TV ad is 180TV-?0.4NP0.2. A local television ad costs $400, and a local newspaper ad costs $250. If the candidate needs 1,800 votes to win, what is the lowest-cost combination of newspaper and TV ads that will bring her victory?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.