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A firm has a production function = (, ) with constant returns to scale. Input prices are = 2 and = 1. The output-expansion path
- A firm has a production function = (, ) with constant returns to scale. Input prices are = 2 and = 1. The output-expansion path for this production function at these input prices is a straight line through the origin. When the firm produces 5 units of output, it uses 2 units of and 3 units of . How much and will it use when its long-run total cost is equal to 70?
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Issues in Economics Today
Authors: Robert C. Guell
8th edition
1259746399, 1259746390, 978-1259746390
