7.22. Suppose a production function is given by Q ! K Lthat is, the inputs are...
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7.22. Suppose a production function is given by Q !
K " L—that is, the inputs are perfect substitutes. For this production function, MPL ! 1 and MPK ! 1. Draw a graph of the demand curve for labor when the firm wants to produce 10 units of output and the price of capital services is $1 per unit (Q ! 10 and r ! 1).
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