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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#340153 on Dec 2023
#340153 on Dec 2023