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Dual property for profit maximization

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Reference no: EM132290990

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. Solve mathematically for the amount of capital and labor that will minimize costs of producing Q^0

b. Show mathematically whether this condition satisfies the dual property for profit maximization.

Reference no: EM132290990

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