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If Amy's production function are given by q=10*min(k,l/2). Draw isoquants for q=20, 60, and 100. Suppose p=$200, w=$300. what is the cost for q=60? draw
If Amy's production function are given by q=10*min(k,l/2). Draw isoquants for q=20, 60, and 100. Suppose p=$200, w=$300. what is the cost for q=60? draw this in the graph and label it B. what will the optimal k, l and B be? If market forces increase p from 200 to 300. What is our new optimal for k, l and C be? Draw in the graph and label it C.
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