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a) If labor and capital (inputs) are perfect complements in production, but 4 units of labor are needed per unit of capital, find the production and cost functions. Find the cost function for the general form of perfect complements, f(L, k) = min{aL, bk}.
b) If labor and capital (inputs) are perfect complements in production, but 4 units of labor are needed per unit of capital, find the production and cost functions. Find the cost function for the general form of perfect complements, f(L, k) = min{aL, bk}
c) A firm has a production function of y = f(L, k) = (√ L + √ k) 2 .
(1) Find expressions for the marginal product of labor and capital. (2) Find the cost function.
q. 1. use the data in the preceding problem to answer the subsequent questions. currently supposethat the united states
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