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2.A firm's quantity of output is 10 units. The price of labor is $25 per unit and the price of capital is $100 per unit.

2.A firm's quantity of output is 10 units. The price of labor is $25 per unit and the price of capital is $100 per unit. The input combination of labor and capital is 20 units and 30 units respectively. Calculate:

a.LTC (2 marks)

b.LAC (1 mark)

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