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A competitive firm has the production function q =f(L,K) =rad(L)+2rad(K) , for which MPl =1/2rad(L) and MPk = 1/rad(K).
a. Find the firm's conditional factor demands for L and K at the factor prices w = 4 and r = 2.
b. What is the firm's (total) cost curve at these factor prices?
A movement downward and to the right along a demand curve is called a(n)
Purchasing Power Parity (PPP) implies that
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