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A cost minimizing firm's production function is given by q=lk, where MPl=k and mpk=l. the price of labor services is w and the price of capital services is r. suppose you know that when w=$4 and r=$2, the firms total cost is $160. you are told that when input prices change such as wage rate is 8 times the rental rate, the firm adjusts its input combination but leaves total output unchanged. what would the cost minimization input combination be after the price changes?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91233267

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