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The aggregate production function is Y = 5KL. If there are 18 units of capital and 50 units of labor, aggregate output is
Opportunity Costs
The decline of potential rewards from different options as a result of choosing one.
Labor Skills
The abilities and expertise that workers possess, which can affect their productivity, efficiency, and the quality of work produced.
Capital
Financial assets or resources that individuals or businesses use to invest, produce, and create economic value.
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