Given Q=5L²+8K² −2Lk,w=1, r = 1, find the values of L and K which will minimize total input costs if the firm is contracted to provide 9360 units of output.
Given Q=5L²+8K² −2Lk,w=1, r = 1, find the values of L and K which will minimize total input costs if the firm is contracted to provide 9360 units of output.
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter3: Benefits, Costs, And Decisions
Section: Chapter Questions
Problem 6MC
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Given Q=5L²+8K² −2Lk,w=1, r = 1, find the values of L and K which will minimize total input costs if the firm is contracted to provide 9360 units of output.
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