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Costs

Costs. Conditional Demand. Conditional Factor Demand The choice of inputs that will yield minimal costs for the firm will in general depend on the input prices (w, r) and the level of output the firm wants to produce, i.e., L=L(w,r, y ) K=K(w, r, y) (y represents a given level of output).

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Total costs vc fc - PowerPoint PPT Presentation

Costs