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For the production function F(l,k)=10*min(3l,7k), i. Find the input demand functions for l, and k. ii, Explain why d 2 C/dW 2 =0, i.e. the
For the production function F(l,k)=10*min(3l,7k),
i. Find the input demand functions for l, and k.
ii, Explain why d2C/dW2 =0, i.e. the long run cost function is not strictly convex.
A firm has a SC(q)=q2+16q+600. Find the firm's short run supply function q(P) for every price greater than 0.
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