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Consider the same production function as in the question above. Suppose that Pat wants to produce 600.0 meals and no input is fixed. The price
Consider the same production function as in the question above. Suppose that Pat wants to produce 600.0 meals and no input is fixed. The price of capital is $16. Initially, the price of labor is $16, but then the price of labor increases to $36. How much more does Pat have to pay when the price of labor increases if he still wants to produce 600.0 meals? No units, no rounding
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Introduction to Econometrics
Authors: James H. Stock, Mark W. Watson
3rd edition
133595420, 978-0138009007, 138009007, 978-0133486872, 133486877, 978-0133595420
