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1. The production function for a firm is given by the following expression: q = f(L, K) = L1/2 . K1/3 Suppose that each unit

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1. The production function for a firm is given by the following expression: q = f(L, K) = L1/2 . K1/3 Suppose that each unit of labor (L) can be hired for a wage of w = 3. In addition, assume that each unit of capital (K) can be rented at a rate of r = 2

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