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A price-taking firm has production function: q41/4K1/4 This is a long-run problem. Labor and capital cost...

A price-taking firm has production function: q41/4K1/4 This is a long-run problem. Labor and capital cost w and r, respectively. Show that the long-run Total Cost function is TC-2 (rw Hint:This is just like the consumption problem where you derive the Hicks demand functions then the expenditure function

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