Write down the firm''s cost minimization problem

Reference no: EM13188048

Consider a firm with the following Cobb-Douglas production technology:
f(k; l) = [k^(3/4)l^(1/4)]
Suppose the firm faces competitive factor markets and wants to minimize the production cost of producing y units of output.
a) Write down the firm's cost minimization problem. Be very precise.

Reference no: EM13188048

Questions Cloud

Show that the wronskian satisfies a first order linear : assume that y1, y2 are solutions of the equation y''+py+qy=0 where p and q are functions of t.

What is the difference in marketing strategy : Pick two similar small businesses in the same industry with which you are familiar, one successful and one not so successful. Describe them in a post, and compare and contrast these businesses. What is the difference in management style between the..

Compute the flow rates of the two discharge stream : the concentration of mud in the dirty stream from the settling basin to the lagoon is 4000 mg/L. Calculate the flow rates of the two discharge stream (L/s) that exit from the settling basin.

What rent should the manager charge to maximize revenue : Similarly, one additional unit will be occupied for each 5 dollar decrease in rent. What rent should the manager charge to maximize revenue?

Write down the firm''s cost minimization problem : Consider a firm with the following Cobb-Douglas production technology: f(k; l) = [k^(3/4)l^(1/4)] Suppose the firm faces competitive factor markets and wants to minimize the production cost of producing y units of output. a) Write down the firm's cos..

How long ago was the artifact made : A wooden artifact from an ancient tomb contains 35 percent of the carbon-14 that is present in living trees. How long ago was the artifact made? (The half-life of carbon-14 is 5730 years.)

Implementation of virtual private databases : Prepare a 3-4 pages of technical document in MS Word Format on usage, utilization, and implementation of Virtual Private Databases (VPD) for the cases of your choice.Explain each situation in details, and describe how it works?

State how many moles of ammonia are present originally : How many moles of ammonia are present originally? What is the theoretical yield of sodium bicarbonate in grams?

How much does each cricket weigh : Kasey was hungry so she chose 5 crickets to eat. She weighed them in pairs. The weights were 11,11.2, 11.3, 11.4, 11.5, 11.6, 11.7, 11.8, 12, 12.1. How much does each cricket weigh.

User Account

All Pages