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'6 1'7. Suppose your production function is given by: F[L,K]=Q=3L+2K. The wage rate is $2 and the price of capital is $1. In the long-run,

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'6 1'7. Suppose your production function is given by: F[L,K]=Q=3L+2K. The wage rate is $2 and the price of capital is $1. In the long-run, what is the cost-minimizing level of L and K to produce Q=18 units of output? a. L=2;K=6 b. L=4;K=3 c. L=6;K=0 d. L=0;K=9 18. A rm's total profit is given by: H(K, L) = 10K L if.2 460K 2K2. What values of K and L will maximize rm's profits? a. L=50; K=50 b. L: 10; K=50 c. L=50; K=10 d. L: 10; K=15

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