10.4 Suppose that a firm's fixed proportion production function is given by q= min(5k, 101). a. Calculate...

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10.4 Suppose that a firm's fixed proportion production function is given by q= min(5k, 101).

a. Calculate the firm's long-run total, average, and marginal cost functions.

b. Suppose that k is fixed at 10 in the short run. Calculate the firm's short-run total, average, and marginal cost functions.

c. Suppose 1 and w=3. Calculate this firm's long-run and short-run average and marginal cost curves.

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Microeconomic Theory Basic Principles And Extensions

ISBN: 9780324585377

10th Edition

Authors: Walter Nicholson, Christopher M. Snyder

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Question Posted: Nov 13, 2024 06:00 AM

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10.4 Suppose that a firm's fixed proportion production function is given by q= min(5k, 101). a. Calculate...

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Microeconomic Theory Basic Principles And Extensions

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