Question
Pls help me to sole micro problem.Production function is Y=K^0.5L^0.5 and w=$1 (wage) and r=$2 (rent) P=$5
I need to find the long term optimum amount for K and L. Also long term optimun output and a cost function.
Thank you.
I need to find the long term optimum amount for K and L. Also long term optimun output and a cost function.
Thank you.