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Suppose that the following is true: When w=v=$10, the cost minimizing bundle for q=100 units of output is k=l=20. When w=$8 and v=$10, the cost minimizing bundle for q=110 units of output is l=28 and k=19. Indicate whether the following statement is true, false, or uncertain. Explain your answer.

a) When w=v=$5, average cost for q=100 is $2.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91720455

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