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Consider the production function: f(K,L)=K+L. Let w and r denote the price of labor and capital, and let p denote the price o
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FCK, () = K+L MP a) MRTS = MP = 1 If MRTS SW MRTS > then only I will be used in production IJ MRTS <W MP LMPic w Ik will be u-fq if whr 1 q il wor Lis used , 4 =q when only Cost function. C= whet rekt = q min{w, ry df (K, L). b) flak, N() = This prod

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