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Q1) Let Q = LαKβ, assume the firm seeks to manufacture a given output while minimizing its total input cost: TC = PLL + PKK.  Illustrate that optimal quantities of labor and capital satisfy L/K = (α/β) (PK/PL). Give an intuitive explanation for this result.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M922710

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