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3. Optimize the following Cobb-Douglas function subject to the given constraint. Find the optimal choices of inputs by firms (a. and b.) or optimal choices
3. Optimize the following Cobb-Douglas function subject to the given constraint. Find the optimal choices of inputs by firms (a. and b.) or optimal choices of goods purchased by consumers (c. and d.) a. q = K.L. subject to 6K + 2L = 384 b. q = 10K. L. subject to 10K + 4L = 4100 c. u = x.by.25 given Px = 8, PH= 5 and B = 680 d. Minimize C = PIX, + P2x2 subject to U = x,/x7 (Notice. The answers will be functions of prices and utility. They will not be numbers.)
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