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A company produces a product using two inputs: labor ( L ) and capital ( K ) . The price of labor ( wage rate
A company produces a product using two inputs: labor and capital The price of labor wage rate is $ per hour, and the price of capital rental rate is $ per unit. The company's production function is given by where is the quantity of output.
The company aims to produce units of the product. Determine the costminimizing combination of labor and capital the company should use. Detail your answer. Do not even think of using chatGPT.
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