Question: minimizes the cost function C(1, k) = 121 + 3k subject to producing a specified lev : q(1, k) = l . k = q,

 minimizes the cost function C(1, k) = 121 + 3k subject

to producing a specified lev : q(1, k) = l . k

minimizes the cost function C(1, k) = 121 + 3k subject to producing a specified lev : q(1, k) = l . k = q, where l 2 0 and k > 0. (8 points) Set up the Lagrangian for the constrained minimization problem, deriv three first-order conditions. (9 points) Find cost-minimizing l and k when q = 100. (8 points) Approximate the increase in C (l, k) when q increases to 101. Interp Lagrange multiplier in this model: what does it represent? v ) and three para

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