The production function for a product is given by q = 100KL. If the price of capital

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The production function for a product is given by q = 100KL. If the price of capital is $120 per day and the price of labor $30 per day, what is the minimum cost of producing 1000 units of output?

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Microeconomics

ISBN: 978-0132857123

8th edition

Authors: Robert Pindyck, Daniel Rubinfeld

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Question Posted: Dec 22, 2015 02:22 AM

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The production function for a product is given by q = 100KL. If the price of capital

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The costminimizing combination of capital and labor is the one wher...View the full answer

Microeconomics

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