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Solving for Optimal Bundle - ticoneva
number in terms of solving for the optimal allocation is the slope, which represents the relative price of the two goods in concern. Relative price simply means the number of oranges one needs to give up in order to get an additional apple. Remember that slope = dy/dx = -Px/Py, so -Px/Py is the number of Y one gets from getting an additional ...
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Production Maximization and Cost Minimization
www.ticoneva.comSubstitute the result from step 3 into the quantity constraint F(; K,L) =F this gives us the optimal quantities of K and L. Plugging these into the cost functionrK +wL gives us the minimized cost. The only difference between product maximization and cost minimization comes in step 4.
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