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5. Consider a firm which produces according to the following production function by using labor and capital: f (k,1) = 3 min a. Solve the

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5. Consider a firm which produces according to the following production function by using labor and capital: f (k,1) = 3 min a. Solve the cost minimization problem of this firm for the given wage rate, w and the rental rate of capital, v. b. Derive the cost function of the firm. C. Decide whether the production function exhibits constant, increasing or decreasing returns to scale

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