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Determine firms minimum cost of making unit of output

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Reference no: EM13134994

A firm has the following production function: q = KL where q = output, L = labour measured in person hours, K = capital measured in machine hours. (The marginal product of labour is K in this case and the marginal product of capital is L here.) The wage is €1 per hour and the capital rental charge is €1 per hour. Determine the firm's minimum cost of making 1 unit of output

Reference no: EM13134994

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