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Mairoon Mairoon
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6 years ago
Suppose capital and labor are perfect substitutes resulting in a production function of q = K + L. That is, the isoquants are straight lines with a slope of -1. Derive the long-run total cost function TC = C(q) when the wage rate is w and the rental rate on capital is r.
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Microeconomics

Microeconomics


Edition: 6th
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LBCeaLBCea
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6 years ago
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