Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:A competitive firm produces a product using the function f(x₁, x₂) = 8x1²x22. The factor
$2.50 and p2 = $4 and the firm can purchase as much of either factor at the
prices are p₁
given prices.
What is the firm's marginal cost?
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