I've asked the same question before but the answer is wrong so please post right answer this time. Please answer if you know the subject well. Thank you.
Question: Prove that the following function is a cost function and derive a possible production function.
The cost function is :
C(w, r,q) = q(w+ w1/2r1/2+ r)
ASSUME THE COST FUNCTION C = C [ W ,R , Q] WHERE W , R ARE TWO INPUTS OF PRODUCTION
SUPPOSE Q = 1 WE CAN USE THE COST FUNCTION TO DERIVE THE ISOQUANT FOR ONE OUTPUT IF YOU CAN DO THIS YOU CAN DO IT FOR ANY OUTPUT LEVEL DEMONSTRATING THAT THE PRODUCTION FUNCTION CAN BE DERVIED FROM THE COST FUNCTION
WE KNOW
C [ W , L , Q ] =Q= F [ K ,L ]
PUTTING THESE TOGETHER E GET
C [ Q, W, R ] Q= F [ K , L ]
WE CAN DO THIS ALBRICALLY
ASSUME C = QW5R5 AND FINDING IT CORRESPONDING TO Q = F [ K ,L ]
BY SHEPHARD LEMMA
LC = Q [ R / W ]5
KC =Q [ W / R ]5
WE CAN SAY
[W / R ] 5 =Q / I AND [ W /R ]5 = K / Q
THAT IS , Q / I = K / Q
SOLUTION = Q = [I K ] [ Q ] = -
I've asked the same question before but the answer is wrong so please post right answer...
I've asked the same question before but the answer is wrong so please post right answer this time. Please answer if you know the subject well. Don't copy the previous wrong answer that was given to this problem. C(w1,w2,y)) 11.. Suppose we are given a specific cost function c(w, y) = yw1aW2-a How can we solve for its associated technology?
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Please its the 5 times i post it and they usually give me wrong answer make sure its right thank you
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