Given the production function , F(L,K)= L^1/3 K^1/3 find the long-run cost minimizing input combination L and K as functions of q, w and r, where q is the output level the firm is producing. Write the cost function.

Given the production function , F(L,K)= L^1/3 K^1/3 find the long-run cost minimizing input combination L and K as functions of q, w and r, where q is the output level the firm is producing. Write the cost function.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter10: Cost Functions

Section: Chapter Questions

Problem 10.6P

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