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Sam and Erica are starting a new restaurant in Portland, Oregon. While Sam plans to do the cooking ...

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Sam and Erica are starting a new restaurant in Portland, Oregon. While Sam plans to do the cooking ...

Sam and Erica are starting a new restaurant in Portland, Oregon. While Sam plans to do the cooking himself, he will need to employ workers and machinery to produce food. He estimates his production function as:
      q = 15L.25K
Sam is able to accumulate $10,000 to finance the business. Workers cost $10 and capital costs $50.
a.   If Sam wishes to produce the most output with the finances available, how much labor and capital should Sam employ? Use a Lagrangian to solve this problem.
b.   Does this bundle of capital and labor also minimize the costs? Explain using a graph.

Textbook

Microeconomics: Theory and Applications with Calculus

Edition: 4^th

Author: Perloff

Read 427 times

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