7 Suppose a production function is given by q KL the price of capital is $10 and the price of labor is $16 The capital is fixed at the level K 8 a What is the Marginal rate of technical substitution (MRTS), if they are using 16 units of labor b Calculate the total cost function (function of output...

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7. Suppose a production function is given by q = KL. the price of capital is...

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Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

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Posted Date: Mar 25, 2024 04:08 AM

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7. Suppose a production function is given by q = KL. the price of capital is...

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