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Suppose that a firm's output, q, is determined by a Cobb-Douglas production function of capital, K, and labour, L, such that Y = 20KL. Suppose
Suppose that a firm's output, q, is determined by a Cobb-Douglas production function of capital, K, and labour, L, such that Y = 20KL. Suppose further that the firm wishes to produce 2000 units of output, and that it employs 400 units of capital. How much labour does the firm need to employ?
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