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Derive the contingent demand functions for k and l

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Reference no: EM132413315

Let the production function be Q = 4 ∗ K1/4L 1/4 assume that both factors are variable.

(a) Derive the contingent demand functions for K and L

(b) Substitute the contingent demand functions in the total cost that you minimized in part a) to obtain the total cost function.

(c) Find the amount of K and L necessary to produce Q = 8 when v = 16 and w = 1 (with minimal possible cost).

(d) Find the average and marginal cost functions.

Reference no: EM132413315

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