ECO 420K 1. Indicate whether each of the following statements is possibly true or certainly false.

ECO 420K

1. Indicate whether each of the following statements is possibly true or certainly false.  Explain

a) The cost-minimizing bundle for y = 50 is l = 10 and K = 40 if labor and capital cost the same, and is l = 12 and K = 37 when labor costs $20 and capital costs $15. (1 point)

b) The cost-minimizing bundle for y = 50 is l = 10 and K = 40 if labor and capital cost $12, and is l = 15 and K = 33 when labor costs $10 and capital costs $15. (1 point)

Running Head: COST MINIMIZATION Cost MinimizationNameInstitution 1 COST MINIMIZATIONa.) The cost-minimizing bundle for y = 50 is l = 10 and K = 40 if labor and capital cost thesame, and is l =…

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