Find the lagrangian and first order conditions

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Reference no: EM13221201

A firm sandab has a production function x =f(h,k) =ln(h)+3ln(k), where x=pots of crabs caught, h=labor hours employed, and k= number of boats rented (all per week); k>1. San dab operates in perfectly competitive markets, where prices arebP per crate, W per hour, and R per boat. Find San dabs pie-maximizing input demand functions h*=h(P,W,R) and k*=k(P,W,R). Find the Lagrangian and first order conditions.

Reference no: EM13221201

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