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Producer Theory.I Consider a CobbDouglas production function of the following form: K, L} : KEIBJLUBJF where there are factors of production capital and labor with

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Producer Theory.I Consider a CobbDouglas production function of the following form: K, L} : KEIBJLUBJF where there are factors of production capital and labor with amounts K and L respectively. The marginal rate of transformation associated with this production function is (UK}. Let the associated factor prices be r and w. respectively: the total cost is C. Suppose the firm has chosen to produce an output levely

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