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A firm produces output according to a production function: Q=R(K,L)=min(2K,4L). a. How much output is produced when K=2 and L=3 ? units) b. If the

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A firm produces output according to a production function: Q=R(K,L)=min(2K,4L). a. How much output is produced when K=2 and L=3 ? units) b. If the wage fate is $30 per hour and the rental rate on capital is $10 per hour, What is the cost-minimizing input mix for proctucing 4 units of output? Capital: Labor: c. Haw does your answer-to part b changes the wage rate decreases to $10 per hour but the rental rate on capital remains at $10 per? hour? Capial and labor increase it does notenamge Capital Incieases and labor decreases Capital decieoses and lobor increases

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