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Economics

Suppose an automobile manufacturer has a fixed proportions production function that requires it always uses 2 workers and 1 machine to produce 1 car belt. If the wage rate w = $10 and rental rate are r = $15.

What is the cost-minimizing combination of L and K to produce 50 units of output. How much is the minimum cost?

What is the cost-minimizing combination of L and K to produce 100 units of output. How much is the minimum cost?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91366454

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