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Lagragian for the cost minimization problem

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Reference no: EM131999810

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 ( Q - 9 L^1/3 K^1/3)

1. Derive the first order conditions for this Lagragian:

with the derivative of the Lagrangian with respect to L?

Reference no: EM131999810

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