3.4 Use the tangency rule to determine the costminimizing bundles of labor and capital for a Japanese
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3.4 Use the tangency rule to determine the costminimizing bundles of labor and capital for a Japanese synthetic rubber firm’s production function q = L0.5K0.5 (Flath, 2011) where w = 10 and r = 10. How does your answer change if w = 20 and r = 10? (Hint: See Solved Problem 7.3.)
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