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How does a consumer''s optimal choice of goods change

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How does a consumer's optimal choice of goods change if all prices and the consumer's income double? (Hint: focus on the budget constraint. You don't have to, but you can use an example to support your answer).

Output is produced according to a production process given by: Q = 4LK, where L is the quantity of labor input and K is the quantity of capital input. If the price of K is $10 and the price of L is $5, then what is the cost-minimizing combination of K and L capable of producing 32 units of output?

Reference no: EM13962682

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