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Amount of capital and labor

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Reference no: EM132291104

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.

Reference no: EM132291104

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