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Suppose for a particular production function, the cost-minimizing level of labor is L=2Q and the cost-minimizing level of capital is K=5Q. If w=5 and r=2,
Suppose for a particular production function, the cost-minimizing level of labor is L=2Q and the cost-minimizing level of capital is K=5Q. If w=5 and r=2, the long-run total cost curve is
A) TC=7Q
B) TC=7
C) TC=20Q
D) TC=20
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