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December 21, 2014

Homework Help: Economics

Posted by jon on Monday, October 15, 2007 at 9:48am.

Suppose the economy consists of two types of firms: Type A firms which produce output using a technology Qa=Min(K,1/2L) and Type B firms which produce output using the technology Qb=Min(K,L). The economy has exactly forty units of labor and thirty units of capital. If we assume that all resources are fully employed, how much of good A will be produced? HOw much of good B?

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