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Answer to Question #73356 in Microeconomics for Tayyaba
Question #73356
Find the equilibrium of L and K subject to a given output:
minimize cost: C=40K+20L subject to Q=60LK = 3000
minimize cost: C=40K+20L subject to Q=60LK = 3000
Expert's answer
C=40K+20L subject to Q=60LK = 3000
Q=60LK = 3000 , LK =50, then C = 40K + 20L = 40*5 + 20*10=400, L = 10, K=5
Q=60LK = 3000 , LK =50, then C = 40K + 20L = 40*5 + 20*10=400, L = 10, K=5
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Comments
Can someone kindly explain the below concept further please C=40K+20L subject to Q=60LK = 3000 Q=60LK = 3000 , LK =50, then C = 40K + 20L = 40*5 + 20*10=400, L = 10, K=5
Dear Sultan, To find minimum for Cost we need to solve equation like dC/dK=0 with respect to L=K/50. It will give as the answer K=5. Then L=10
Please explain from where the 5 and 10 came from plz tell answer in details 40*5 + 20*10=400, L = 10, K=5
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