Question
Explain the process how a firm minimizes its production cost for a given level of output in the long run with given factor prices r(price
Explain the process how a firm minimizes its production cost for a given level of output in the long run with given factor prices r(price of capital) and w(price of labor). Draw relevant diagram(s).
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Microeconomics
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
3rd Edition
1319105564, 978-1319105563
