Constrained Optimization. Example 1. a Firm's Cost Function Is given By
نویسنده
چکیده
where Q is the firm’s output, K is quantity of the firm’s capital input and L is the quantity of the firm’s labor input. The constants, α, β and A are all positive and we also assume that α+ β = 1. If the prices per unit of capital and labor are pK and pL, respectively, and the firm’s production budget is B, then how should the firm allocate its budget to maximize its output? The constraint in this case is given by the equation
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