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A. Calculate L, K, and CB. Derive isocost line equation. Solved Problem 7.3 . Use the tangency rule to determine the cost- minimizing bundles of

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A. Calculate L, K, and CB. Derive isocost line equation.

image text in transcribed
Solved Problem 7.3 . Use the tangency rule to determine the cost- minimizing bundles of labor and capital for a general Cobb-Douglas production function, q = AL"KB and for the specific beer production function that underlies Figure 7.5, q =1.5160.K04, where w = 24 and r = 8

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