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Question 8: Consider the following production function f (K, L) = 40.75 0.25 The isocost function is C = 10K + 2L a. Find the
Question 8: Consider the following production function f (K, L) = 40.75 0.25 The isocost function is C = 10K + 2L a. Find the marginal product of both inputs b. What ratio of capital to labor minimizes total costs (alternatively, you can just show me the optimal relationship between labor and capital)? c. How much capital and labor to rent and hire in order to produce 1,000 units
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