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Derive the firm demand for labor and capital

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Reference no: EM131102042

A firm's production function is given by Y = 5 L K and faces costs for inputs of wL and wK.

a. Derive the firm's demand for labor and capital.

b. Derive the firm's cost function, C(wL;wK; Y ). Simplify it as much as possible - one term.

c. Derive the firm's supply function.

d. If wL increases by 50% by what percentage does cost and supply change?

Reference no: EM131102042

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