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QUESTION
Consider the following production function: q(L,K) = 9 L^1/3 K^1/3, where q is output and the two inputs are K, capital and L, labor. The...
Consider the following production function:
q(L,K) = 9 L^1/3 K^1/3,
where q is output and the two inputs are K, capital and L, labor.
The corresponding cost equation is:
C(L,K) =wL + rK,
where w is the wage and r the opportunity cost of capital.
The Lagragian for the cost minimization problem is:
L = wL + rK + lamda
