1) Suppose the wage is $12 and the cost of capital is $3, and we have the following production function: Q=L0.$K0.5 a) Find your cost minimizing level of K and L if Q=10.
1) Suppose the wage is $12 and the cost of capital is $3, and we have the following production function: Q=L0.$K0.5 a) Find your cost minimizing level of K and L if Q=10.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:1) Suppose the wage is $12 and the cost of capital is $3, and
we have the following production function: Q=L®KS
a) Find your cost minimizing level of K and L if Q=10.
0.5
0.5
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