A firm has a production function represented by: q=L^(.75)K^(.25)
Find a function for how much capital and labor a firm should hire to produce a given level of production in terms of the price of labor, w, and the price capital, r.
Suppose w=15 and r=5. What amounts of labor and capital should the firm choose in order to produce 100 units of this good in the least expensive manner?
Please answer the questions completely. One tutor answered incomplete and I gave him a negative rating and that person is now removed. So please answer completely.