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Business, 09.04.2021 02:00 genesisdiaz2562

A firm with the production function Q = F(K, L) is producing an output level Q* at minimum cost in the long run. When K is fixed the firm's short-run marginal cost will be as the firm's short-run marginal cost when L is fixed because the extra output obtained from the last dollar spent on labor the extra output obtained from the last dollar spent on capital.

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A firm with the production function Q = F(K, L) is producing an output level Q* at minimum cost in t...
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