Explain the process how a firm minimizes its production cost for a given level of output...

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Explain the process how a firm minimizes its production cost for a given level of output...

Explain the process how a firm minimizes its production cost for a given level of output in the long run with given factor prices r(price of capital) and w(price of labor). Draw relevant diagram(s).

business economics

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Explain the process how a firm minimizes its production cost for a given level of output...

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