1. The problem statement, all variables and given/known data Consider the following general form of a constant elasticity of substitution production function: y = [SLp + (1 - S)Kp]1/p Assume a firm is trying to minimize the cost of producing any given y. Cost are given by C = wL + rK Find the firm's cost minimizing demand function for L. The cost minimizing demand for K is determined simultaneously, so you need both first order conditions. You may assume that nonneggativity constraints on L and K are not binding. 3. The attempt at a solution Is y = [SLp + (1 - S)Kp]1/p expandable?