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14. (16) Assume a firm produces a certain output (Q) using a fixed proportion production ( technology, where the production function is Q(L, K) =
14. (16) Assume a firm produces a certain output (Q) using a fixed proportion production ( technology, where the production function is Q(L, K) = min{4L, 5K), where Q is the quantity of output, L is the quantity of labor, and K is the quantity of capital. The cost of capital (wk) is $10 per unit, and the cost of labor (w) is $8 per unit. a. Suppose the firm wants to produce 200 units of output at the lowest cost. What combination of labor and capital should it use
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