Question

q(L,K)=2LK=100; w=25; v=50; TC=500 i. find the cost-minimizing input combinations (L*,K*) ii Based on part i...

q(L,K)=2LK=100; w=25; v=50; TC=500

i. find the cost-minimizing input combinations (L*,K*)

ii Based on part i grapg this cost minimization case

iii. Now assume that w=30 and v=50. explain what happens to our isocost and (L*,K*)

iv. Assume that w=25; v=50 repeat parts i and ii

a. q(L,K)=2L+K=100

b. q(L,K)=min(2L,K)=100

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