Cost minimisation and output maximisation from Cobb-douglas production function
Автор: ECON MATHS
Загружено: 2021-11-11
Просмотров: 27450
in this video I ll explain a question About #Cobb_Douglas_production_ function and costs minimization problem
Given the production and cost functions: Q= 500 L^1/4 K^3/4 and C = wL+rK
(a)Derive the demand curve for labour and capital with a view to maximizing the output when the cont in limited to $10,000. Would your answer change if the objective shifts to cost minimization with a desired level of output ?
(b)Determine the equilibrium levels of employment of the factors in each case given: w = 10 and r= 75
A producer may maximize his profit through two ways. They are
A producer can either minimize the cost of production for any given level of output.
Or, maximize the output at any given level of outlay.
Least Cost Combination: Minimization of Cost for Given Level of Output
Maximization of Output for a Given Level of cost
#Outputmaximization #Costminimisation
#dsu
#econmath
#mathematicaleconomics
#neteconomics
#maentranceeconomics
#neteconomics
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