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20 points suppose the production function is q and r...

Question: 20 points suppose the production function is q and r...

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(20 points) Suppose the production function is Q and r $5 1. 213/4K1/4 and that w $5 a. What is the cost minimizing ratio of K and L? Show your work b. Suppose Q-10,000. How much K and L should be used (in terms of total cost)? c. What is the total cost of production? d. What if w increases to $20? e. Show the scale and substitution effects for part d.

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