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In Learning-By-Doing Exercise 8.1 we derived the equation for the long-run total cost curve for the pro- duction function Q 501LK when the price of

In Learning-By-Doing Exercise 8.1 we derived the equation for the long-run total cost curve for the pro- duction function Q 501LK when the price of labor Lisw25andthepriceofcapitalKisr100: TC(Q) 2Q. Problem What are the long-run average and marginal cost curves associated with this long-run total cost cu

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