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31 Dec 2022
A manufacturing firmâs production function is Q = KL + K + L. The price r of capital services is equal to 1, and let w denote the price of labor services. If the firm is required to produce 5 units of output, for what values of w would a cost-minimizing firm use
a) only labor?
b) only capital?
c) both labor and capital?
A manufacturing firmâs production function is Q = KL + K + L. The price r of capital services is equal to 1, and let w denote the price of labor services. If the firm is required to produce 5 units of output, for what values of w would a cost-minimizing firm use
a) only labor?
b) only capital?
c) both labor and capital?
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