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A firm produces output according to a production function: Q = F(K,L) = min {9K,3L}. a. How much output is produced when K = 2 and L = 3? b. If the wage rate is $60 per hour and the rental rate on capital is $40 per hour, what is the cost-minimizing input mix for producing 9 units of output? Capital: Labor: Specifically, what is the answer for Capital and What is the answer for Labor?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91924909

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