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Badgett's Gadgets produces gadgets with the production function, y = co, , where a is the quantity of labor input, r2 is the quantity of

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Badgett's Gadgets produces gadgets with the production function, y = co, , where a is the quantity of labor input, r2 is the quantity of capital input, and y is the quantity of output. In the short run, Badgett's capital input is fixed at a, = 8, and so its short run production function is y = x /(8) /3 = 2x/3. The per-unit price of labor input is w1 = 20 and the per- unit price of capital input is w2 = 40. If Badgett's is a price taker in the output market and can sell as many gadgets as it wishes at a per-unit price of p , what is the lowest value of p at which Badgett's is willing to supply a positive quantity of output in the short run? O Badgett's will supply a positive quantity of output of for any p >120. O Badgett's will supply a positive quantity of output of for any p >80. O Badgett's will supply a positive quantity of output of for any p > 40. O Badgett's will supply a positive quantity of output of for any P>0

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