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Maximum Value Functions 67 Exercises Exercise 5.1: The Cobb-Douglas Cost Function Consider a production function y = A I (5.22) j=1 where y is output, the r, are inputs, and A and the a; are positive constants. Let w = (w; ) be the vector of input prices, and show that the minimum cost of producing a given output level y is C(w, y) = B(y/A) 1/B (w;la;);/8, (5.23) j=1 where B = _, a;. If B