Question
Suppose firm's production function is described as q = 2L + 5K with given $10 market wage and $7 price of a captial good. For
Suppose firm's production function is described as q = 2L + 5K with given $10 market wage and $7 price of a captial good. For the long run production at q = 15, determine the level of L and average cost.
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Managerial Economics
Authors: William F. Samuelson, Stephen G. Marks
8th edition
1118808940, 978-1119025900, 1119025907, 978-1119025924, 978-1118808948
