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Consider a firm producing vaccinations using labour L and capital K. The price of labour is w and the price of capital is r. Assume
Consider a firm producing vaccinations using labour L and capital K. The price of labour is w and the price of capital is r. Assume production technology is given by y = AL"K" , where A represents the state of technology and a, B > 0 . Show the cost minimising combinations of L and K needed to produce 10 million and 20 million vaccinations on a graph, with K on the vertical axis and L on the horizontal axis
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