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{"ops":[{"insert":"A cob Douglas production function for a firm is given as Q=4L \u00bdK\u00bd. The firm has also established that wage rate and interest paid on capital are $3 and $5 respectively for a production period. The firm intents to spend $200 million for the period on production cost. Compute the levels of capital and labor that will maximize output. What is the maximum output?\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\n"}]}
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