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The production function for a product is given by q = 100KL. Its marginal product functions are MPL = 100K and MPK = 100L. If the price of capital, r, is $80 per day and the price of labor,

The production function for a product is given by q = 100KL. Its marginal product functions are MPL = 100K and MPK = 100L. If the price of capital, r, is $80 per day and the price of labor, w, is $320 per day, what is the minimum cost of producing 2,000 units of output? The minimum cost of producing 2,000 units of output is $ places.) (Round all intermediate results to 3 decimal places and enter your response rounded to two decimal

The production function for a product is given by q = 100KL. Its marginal product functions are MPL = 100K and MPK = 100L. If

Jun 10 2021 View more View Less

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