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QUESTION
Given a firm's production function : q= 100LK a) Find the firm's input demand functions for L and K as function of output q and input prices w, r...
Given a firm's production function : q= 100LK
a) Find the firm's input demand functions for L and K as function of output q and input prices w, r from cost minimization.
b) Now let w=20, and r=10, what is the firm's least cost required to produce 800 units of output? Sketch and label the solution on a graph that shows the firm's optimal choice.
