7.8. Suppose the production of airframes is characterized by a CES production function: The marginal products for
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7.8. Suppose the production of airframes is characterized by a CES production function:
The marginal products for this production function are and Suppose that the price of labor is $10 per unit and the price of capital is $1 per unit. Find the cost-minimizing combination of labor and capital for an airframe manufacturer that wants to produce 121,000 airframes.
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