Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Chapter 11, Problem 2P
To determine
The reasons it might be difficult to calculate profits from farming for a farmer who uses his own tractor, equipments, farm structures and cultivates his own land.
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The production function for a product is given by Q =100KL.if the price of capital is 120 dollars per day and the price of labor 30 dollars per day what is the minimum cost of producing 1000 units of output ?
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