Section 2: Long Answer 1. A firm has technology described by q = KL. Set out the firm's long-run cost minimization problem and find the first order conditions for a cost minimizing input choice. Briefly describe the economic interpretation of each condition.

Section 2: Long Answer 1. A firm has technology described by q = KL. Set out the firm's long-run cost minimization problem and find the first order conditions for a cost minimizing input choice. Briefly describe the economic interpretation of each condition.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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