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A manufacturing firm's production function is Q = KL + K +L. Suppose that the price r of capital services is equal to 1, and let w denote price of the labour 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 labour?
b) only capital?
c) both labour and capital?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M940555

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