Lesson 3: The production function of a firm for product X is as follows Q = 2(K - 2)L. Where: K is the factor of capital production. L is the factor of production labor. The total production cost of the enterprise is 1000 VND; the cost of factors of production capital 20 dong/unit; The price of labor is 40 VND/unit. a. Determine the optimal production plan, the maximum total product achieved.
b. Calculate the lowest average cost for a product.
c. Assume that the firm needs to produce 392 products, keeping the prices of the factors of production constant. Determine the optimal production plan with the minimum production cost of the enterprise? Corresponding average cost?