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Find the quantities of capital and labor

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Question: Application exercise. Suppose that the total cost, C, of producing q0 = 1000 units of output by a firm is given by the function C = f (k,l) = 0.2k + 5l, where k and l denote capital and labor, respectively. Also suppose that the firm's production function is given by the CES form g(k,l) = [0.5k0.5 + 0.5l0.5]-1/0.5 = q0. Find the quantities of capital and labor that minimize the total cost to the firm.

Reference no: EM131587649

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