Question
If the production function is Q = L raised to 0.75 * K
raised to 0.25, and the price of Labor (w) is 30 and the price of Capital (r) is 10, the cost-minimizing K/L ratio is:Solution
For Cobb-Douglas (Q = L^a * K^b), the efficiency condition is (a/b) * (K/L) = w/r. (0.75 / 0.25) * (K/L) = 30 / 10. 3 * (K/L) = 3. K/L = 1.
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