A farmer uses K units of machinery and L hours of labor to produce C tons of corn, with the production function, C = 2 L0.5 K. The farmer currently uses L = 20 and K = 10. Suppose the input price ratio is w/r = 1. What would you tell the farmer to do in order to minimize his cost of production given the current level of output?

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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A farmer uses K units of machinery and L hours of labor to produce C tons of corn, with the production function, C = 2 L0.5 K. The farmer currently uses L = 20 and K = 10. Suppose the input price ratio is w/r = 1. What would you tell the farmer to do in order to minimize his cost of production given the current level of output?

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