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microeconomics ask question
A firm's production function is given by y(K,L) = min(K,L). Each unit of K and L costs 1 Euro.
a) For an output level of y show the cost-minimizing input choice in a graphic. b) The price of K increases to 2 Euro per unit. How does this affect the choice of inputs? If you want to keep the output level of production constant by how much do the production costs increase? |
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