Consider a Cobb-Douglas production function for rice with Q = 200 * K0.25 0.75 where Q = number of rice produced in cavan ; K the land area in ha covered with the crop ; L = number of employed workers during the 3-month production period (16 days work). For production cost, the following is set: r = average rent/hectare of agricultural land; w = daily wage rate/person; C= total production cost 1. Solve for the input demand functions, where each kg of tomato is sold at p 2. Solve for the output supply function 3. Solve for the indirect profit function 4. Solve for the conditional input demand functions 5. Solve for the indirect cost function 6. Upon consolidating the expenses, land rent is at $3,900 and daily wage is at $350. With a capital of $56,000 for 3 months.
