A production function is homogeneous of degree ( and involves three inputs, L, K, and M (materials).

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A production function is homogeneous of degree ( and involves three inputs, L, K, and M (materials). The corresponding factor prices are w, r, and e. Derive the long-run cost curve?

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Microeconomics Theory and Applications with Calculus

ISBN: 978-0133019933

3rd edition

Authors: Jeffrey M. Perloff

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Question Posted: Dec 29, 2017 12:51 AM

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A production function is homogeneous of degree ( and involves three inputs, L, K, and M (materials).

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C Cw r e q wL w r e q rKw r e q eM w r e q where ...View the full answer

Microeconomics Theory and Applications with Calculus

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