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Price of one input increases and the price

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Reference no: EM131287576

1. If a firm minimizes long run cost, what condition or conditions must be met?

2. What happens to isocost line if the price of one input increases and the price of other input stays the same?

Reference no: EM131287576

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Price of one input increases and the price : 1. If a firm minimizes long run cost, what condition or conditions must be met? 2. What happens to isocost line if the price of one input increases and the price of other input stays the same?
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