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5. (16 points) Suppose that Jack wishes to start his own lantern business. His production technology is: qL = AK 1/3 1213 where A is

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5. (16 points) Suppose that Jack wishes to start his own lantern business. His production technology is: qL = AK 1/3 1213 where A is a positive constant. Jack can hire both labor and capital in perfectly competitive markets by paying a cost of w and v respectively for each unit of input. A. (2 points) What are the returns to scale associated with Jack's production function? B. (6 points) Using the Lagrangian multiplier technique, find Jack's cost minimizing choices of labor and capital for any production level go

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