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Consider a firm with the production function 2L^0.5K^0.5, where w = 4 and r = 1. (a) What are the MPL and MPK? (b) What
Consider a firm with the production function 2L^0.5K^0.5, where w = 4 and r = 1. (a) What are the MPL and MPK? (b) What is the equation for the long run expansion path? (c) What is the equation for the rm's total cost? (d) If this rm wishes to produce 800 units of the good, what amounts of labor and capital will they use
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Microeconomics and Behavior
Authors: Robert Frank
9th edition
9780077723750, 78021693, 77723759, 978-0078021695
