Short Answer Questions

24) Complete the following table:

Total Variable Fixed Marginal

Output Cost Cost Cost Cost

0 60

1 10

2 90

3 100

4 80

5 180

6 50

25) Write first order conditions, setting up a Lagrange function for this cost minimization problem:

Minimize C= wL+ rK

Subject to 100 = L^aK^1-a