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QUESTION
Q(K,L) = K1/3L1/3 Labour cost: w = $10 Capital rental cost: v = $160 Nine mansions need to be build.. What is its cost-minimizing choice of Capital
Q(K,L) = K1/3L1/3 Labour cost: w = $10 Capital rental cost: v = $160
- Nine mansions need to be build.. What is its cost-minimizing choice of Capital and Labour? (What is
the objective function? What is the constraint?)
- What is the cost equation. How much does it cost to build the 9 mansions?
