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Suppose that a production function is given by in which case the marginal products will be given by and , respectively. What is the marginal
Suppose that a production function is given by in which case the marginal products will be given by and , respectively. What is the marginal rate of technical substitution at , and what is the interpretation?
Suppose as in the problem above that that the wage and rental rate are given by and , respectively, and that the production function is given by . What the cost minimizing level of labor and capital necessary to produce units of output?
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