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An imperfectly competitive firm attempts to minimize the costs of producing a specific level of output (Q^0). Quantity is produced according to the production function:
Q=KL
a. Show graphically the amount of capital and labor that will minimize the costs of producing (Q^0).
b. Solve mathematically for the amount of capital and labor that will minimize costs of producing (Q^0)
c. Show mathematically whether this condition satisfies the dual property for profit maximization.
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