Question: Let the production function be Q = K 2/5 L 3/5 assume that both factors are variable. 1. Derive the contingent demand functions for K

Let the production function be Q = K2/5L 3/5 assume that both factors are variable.

1. Derive the contingent demand functions for K and L

2. Substitute the contingent demand functions in the total cost that you minimized in part a) to obtain the total cost function.

3. Find the amount of K and L necessary to produce Q = 360 when v = 4 and w = 2.

4. Find the average and marginal cost functions

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