A firm has a Cobb Douglas production function that is homogeneous of degree one ( q A L alpha K 1 alpha ) Derive the long run cost function as a function only of factor prices and output ...

To derive the longrun cost function from the CobbDouglas production function well follow these steps ...

A firm has a Cobb - Douglas production function that is homogeneous of degree one: ( q

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Question:

A firm has a Cobb

-

Douglas production function that is homogeneous of degree one:

(

=

A L

^{

alpha

}

^{1 -

alpha

}) .

Derive the long

-

run cost function as a function only of factor prices and output.

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Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Mar 02, 2024 06:15 AM

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A firm has a Cobb - Douglas production function that is homogeneous of degree one: ( q

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To derive the longrun cost function from the CobbDouglas production function well follow these steps ... View the full answer

Microeconomics An Intuitive Approach with Calculus

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