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Derivation of equation of the expansion path.

Assume a production function is given by F (K, L) = K1/2 L1/2. The price of capital is $10 and the price of labor is $15. Find the equation of the expansion path. Find K* and L* for 1000 units of output. Find out the minimum costs of producing 1600 units of output.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917922

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