Find the cost minimizing combination of labor and input

Reference no: EM13244921

"Suppose the production of airframes is characterized by a CES production function: Q=(K^0.5 + L^0.5)^2 (MPL = (K^1/2 + L^1/2) /L^1/2), MPK = (K^1/2 + L^1/2) /K^1/2) Suppose that the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost minimizing combination of labor and input for an airframe manufacturer that wants to produce 121,000 airframes."

Reference no: EM13244921

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