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Calculate L,K and CDerive isocost line equation X CH07 PPT Solved Problem 7.3 . Use the tangency rule to determine the cost- minimizing bundles of

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Calculate L,K and CDerive isocost line equation

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X CH07 PPT Solved Problem 7.3 . Use the tangency rule to determine the cost- minimizing bundles of labor and capital for a general Cobb-Douglas production function, q = ALKB and for the specific beer production function that underlies Figure 7.5, q =1.516/0.K.4, where w = 24 and r = 8

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