Suppose that firms production function is Q=min {2K, 4L}, and r=8$ and w=16$. Find the firms long-run

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Suppose that firm’s production function is Q=min {2K, 4L}, and r=8$ and w=16$. Find the firm’s long-run total cost and average cost in terms of output.

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Managerial Economics

ISBN: 978-1118808948

8th edition

Authors: William F. Samuelson, Stephen G. Marks

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Posted Date: Mar 07, 2024 12:34 AM

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Suppose that firms production function is Q=min {2K, 4L}, and r=8$ and w=16$. Find the firms long-run

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In the long run the firm can adjust both capital K and labor L to minimize the cost of producing a s... View the full answer

Managerial Economics

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