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Given the production function Q = K 0.5 L0.5 and the cost equation C= rK + wL Where Q is output, K,and L are capital
Given the production function Q = K 0.5 L0.5 and the cost equation C= rK + wL Where Q is output, K,and L are capital and labor inputs respectively and r and w are the prices of K and L respectively. Show that long run cost function is C = 2 r 0.5 w0.5
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