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Production Function: Y = AKx L1-x = (100) K1/2 L1/2 Find the minimum cost technique and...

Production Function: Y = AKx L1-x = (100) K1/2 L1/2

Find the minimum cost technique and total equilibrium output when the following hold:

TC = 18$ : pk = 1 $/K : w0 = 3 $/L

and the minimum cost technique and total equilibrium output when the wage decreases:

TC = 18$ : pk = 1 $/K : wt = 2 $/L

Including the chosen technique, show 2 different techniques on each respective isoquanT

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