Find the cost function for the general formof perfect substitutes, f(L, k) = aL + bk.

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If labor and capital (inputs) are perfect substitutes in production

If labor and capital (inputs) are perfect substitutes in production

Question
If labor and capital (inputs) are perfect substitutes in production, but 4 units of labor are equivalent toone unit of capital, find the production and cost functions. Find the cost function for the general formof perfect substitutes, f(L, k) = aL + bk.

If labor and capital (inputs) are perfect substitutes in production

 

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