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QUESTION
If we start with a budget and seek to maximize output, we end up in exactly the same place.
If we start with a budget and seek to maximize output, we end up in exactly the same place. To see how this can be used, assume we have a budget of $100 to spend on labor at $5 per unit and capital at $10 per unit. The production function is Q=KL. How much K and L should be purchased and how much output can be produced with the $100?
