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7. Suppose the production function (technology) for a product is given as Q=5x1+3x2 where both inputs x1 and x2 are able to vary. a. What
7. Suppose the production function (technology) for a product is given as Q=5x1+3x2 where both inputs x1 and x2 are able to vary. a. What kind of technology is this function? b. Write out the conditional demand function for x1 and x2 and the corresponding cost function as functions of W1,W2, and Q. c. Solve for this cost if w1=3,w2=10, and Q=40
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