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Question: 3. (Input Demand Functions) (25 points)Suppose that the wage rate is equal to w and the rental r...

3. (Input Demand Functions) (25 points)

Suppose that the wage rate is equal to w and the rental rate of
capital is equal to r. For each of the production functions below
calculate the input demand functions K* (Q, w, r) and L* (Q, w, r)
and the corresponding cost function C (Q, w, r):

(a) Q=pKL

(b) Q=min(10K,2L)

(c) Q = 10K + 2L.

Show transcribed image text 3. (Input Demand Functions) (25 points) Suppose that the wage rate is equal to w and the rental rate of capital is equal to r. or each of the production functions below calculate the input demand functions K (2, w, r and L' (Q, w, r) and the corresponding cost function C (Q, w, r): (a) VKL (b) min (10K, 2L) (c) Q 10 K 2L.

3. (Input Demand Functions) (25 points) Suppose that the wage rate is equal to w and the rental rate of capital is equal to r. or each of the production functions below calculate the input demand functions K (2, w, r and L' (Q, w, r) and the corresponding cost function C (Q, w, r): (a) VKL (b) min (10K, 2L) (c) Q 10 K 2L.