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A firm's production function is given by y = min {2K, 3L}. The price of L is w=5 and the price of K is r=10.
A firm's production function is given by y = min {2K, 3L}. The price of L is w=5 and the price of K is r=10.
a. Find the conditional input demand functions for K and L
b. Write the firm's cost function given the input prices.
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