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Questions › UGC-NET › UGC-NET 2023 › Q20
2 marksMicroeconomics › Costs of production › Cost minimisation and long-run input choiceHardabout 2 min

UGC-NET 2023 Question 20: Costs of production

Suppose a cost function of producing q level of output is C(w, r, q) = q(w/alpha + r/beta), where w and r are the wage cost and rental cost of the two inputs capital (K) and labour (l) respectively. What would be the production function q of k and l?

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Costs of production has come up 83 times in 7 exams since 2006.

What this question tests

This question is on Cost minimisation and long-run input choice, part of Costs of production in Microeconomics.

Choosing inputs to produce a given output at least cost, including across several plants.

TestStop has 22 past-paper questions on this subtopic; the nearest in year are below.

  • GATE 2021 · Q3For the production function Q=F(K,L)=√KL with P_K=4 and P_L=2, find the values of K and L that will minimize…
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Question from the UGC-NET 2023 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.