Cost minimisation and output maximisation from Cobb-douglas production function #OPTIMISATION #
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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