Cost minimization for a firm - Maple Application Center
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Cost minimization for a firm

Author
: Sanjay Paul
Engineering software solutions from Maplesoft
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A firm uses labor (L) and energy (E) to produce output (Q). The production function is: Q=F(L,E). The firm hires labor and buys energy in competitive factor markets. The cost of a unit of labor is w, that of a unit of energy is r. The firm's objective is to minimize the total cost of producing a given level of output(Qo).

Application Details

Publish Date: June 19, 2001
Created In: Maple 6
Language: English

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