Suppose That a Farmer Grows Corn

question 131

Multiple Choice

Suppose that a farmer grows corn. The farmer's production function is Q(K,L) = 5K^0.4L^0.6, where K is the number of harvesters and L is the number of farmworker labor hours. The prevailing wage rate is $8 per hour and the rental rate associated with harvesters is $75. The farmer has a goal of delivering 100,000 bushels of corn to market. What Lagrangian equation can be used to solve the farmer's cost minimization problem?

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