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Production in the long run. Consider the following production function: q=5K0.25L0.5.
a) What is the firm's short run production function given that K=16
Now, let's look at production in the long run. Choose two values of output and graph the corresponding isoquants (hint: use at least three pairs of L and K to sketch the curves):
This document contains various important questions and their appropriate answers in the subject field of Economics.
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