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Suppose in the long run a firm's production function is given by q = MIN(6L, 6K).Also, the price of Labor is w = 7, and
Suppose in the long run a firm's production function is given by q = MIN(6L, 6K).Also, the price of Labor is w = 7, and the price of Capital is r = 5.If the firm minimizes its cost of production, how much will it cost the firm to produce q = 6 units of output?Please round your answer to two decimal places.
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