2. The production function for a product is given by Q = 100KL. If the price of capital is $120 per day and the price of labor $30 per day, what is the minimum cost of producing 1000 units of output? The cost-minimizing combination of capital and labor is the one where MRTS MP MP w r L K = = . The marginal product of labor is dQ dL =100K .

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Iron & Steel Industry in India. India was the world's second-largest steel producer with production standing at 111.2 million tonnes (MT) in 2019. The growth in the Indian steel sector has been driven by domestic availability of raw materials such as iron ore and cost-effective labour. Consequently, the steel sector has been a major ...

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