UNIT 7: MINIMIZING COSTS AND MAXIMIZING PROFITS
We analyze the cost minimization by the firm from a long‐run pespective.. That is, considering that allthe productive factors are variable (freely eligible) Knowing the production function q=f(L,K), which covers allthe production processes thatare technically efficient, we assume that the firm combines labour and capital to produce a given amount of output q0. ................
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