Question 4: Given production function: Q = L 3/4 . K1/4 Find out the optimal quantities of the two factors using Lagrangian method, if it is given that price of labor is Rs.6 and price of capital is Rs.3 and total cost is equal to Rs.120.

Question 4: Given production function: Q = L 3/4 . K1/4 Find out the optimal quantities of the two factors using Lagrangian method, if it is given that price of labor is Rs.6 and price of capital is Rs.3 and total cost is equal to Rs.120.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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