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Business, 07.05.2021 19:20 Abrahamolve

Minimum cost with Leontief production technology Let the production function be given by =min{2K,3L}. For this production technology, the cost minimizing input bundle is obtained by the condition 2K=3L. Let the rental rate be r=1, and the wage rate be =1. (a) Find the least cost of producing =60, and =120. (b) Find the least cost of producing =60, and =120, when the rental rate is changed to r=2, and the wage rate be =1. (c) Is there any substitution of inputs due to change in the per unit input costs? Why?

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Minimum cost with Leontief production technology Let the production function be given by =min{2K,3L}...
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