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What is the marginal product of capital

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Reference no: EM132154153

Suppose that firm Universal Healthcare has the following production function: f(L,K)=2K^0.3L^0.7

What is the marginal product of capital?

What is the marginal product of labor?

Which input component can vary so Universal Healthcare can obtain the desired output at the lowest cost possible?

Reference no: EM132154153

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