The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.
Consider the following production function:
q(L,K) = 9 L^1/3 K^1/3,
where q is output and the two inputs are K, capital and L, labor.
The corresponding cost equation is:
C(L,K) =wL + rK,
where w is the wage and r the opportunity cost of capital.
The Lagragian for the cost minimization problem is:
L = wL + rK + lamda
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