A production process using two inputs, labor and capital, can be written as: Q=5L
Question: Question 1: A production process using two inputs, labor and capital, can be written as:
\[Q=5LK,\,\,\,\,M{{P}_{K}}=5L,\,\,\,\,\,M{{P}_{L}}=5K\]where Q represents output per day (tons). The unit costs of inputs are $150 for labor (L) and $1000 for capital (K). Determine the least cost combination of L and K when output is produced at the rate of 1,000 tons per day. Determine the required outlay (total costs) for 1,000 tons per day.
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