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Question 6 (Profit Maximization) Consider a Cobb-Douglas production function: f(L, K) = 0.5K 0.5 L 0.5 . Using this production function, solve a short-run profit

Question 6 (Profit Maximization) Consider a Cobb-Douglas production function: f(L, K) = 0.5K0.5L0.5. Using this production function, solve a short-run profit maximization problem for a fixed capital stock K=4, output price p=8, wage rate w=2, and capital rental rate r=4.

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