Multiple Choice
Suppose that a farmer grows corn. The farmer's production function is Q(K,L) = 5K0.4L0.6, where K is the number of harvesters and L is the number of farmworker labor hours. The prevailing wage rate is $8 per hour and the rental rate associated with harvesters is $75. The farmer has a goal of delivering 100,000 bushels of corn to market. What Lagrangian equation can be used to solve the farmer's cost minimization problem?
A) 
B) 
C) 
D) 
Correct Answer:
Verified
Correct Answer:
Verified
Q3: For the production function Q(K,L) = K<sup>0.5</sup>L<sup>0.5</sup>,
Q47: A basic assumption of the long run
Q57: Suppose a firm is producing 2,475 units
Q63: For the production function Q(K,L) = K<sup>0.5</sup>L<sup>0.5</sup>,
Q65: Answer the following questions. <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3883/.jpg" alt="Answer
Q66: Use the following to answer question:<br>Figure 6.6
Q67: Use the following to answer question:<br>Figure 6.2
Q69: Use the following to answer questions 21-22:<br>Table
Q71: Use the following to answer question:<br>Figure 6.10
Q72: Use the following to answer question:<br>Table 6.4