Answered: production function q = K+2L, wage rate…

production function q = K+2L, wage rate is $20, rental rate is $50, what is true about hte choice of inputs when minimizing costs?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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production function q = K+2L, wage rate is $20, rental rate is $50, what is true about hte choice of inputs when
minimizing costs?

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