3-13-09 - whats the relationship between L and K? PERFECT...

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Microeconomics – Class Notes – 3/13/09 We’re transitioning to total cost functions in terms of Q (instead of L)
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What is the relationship between L and Q and K and Q? If I had a half unit of Q, I would have 1 unit of L Take what’s inside in the min{ } brackets
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Unformatted text preview: whats the relationship between L and K? PERFECT SUBSTITUTES I will use the product that yields the most output per dollar spent If you dont have perfect substitutes, HAVE A GOOD SPRING BREAK!!...
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3-13-09 - whats the relationship between L and K? PERFECT...

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