1. A firm has a production function of Q = 0.25KL 0.5 , the rental rate of...

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1. A firm has a production function of Q = 0.25KL 0.5 , the rental rate of capital is $100, and the wage rate is $25. In the short run, K− − is fixed at 100 units.

a. What is the short-run production function?

b. What is the short-run demand for labor?

c. What are the firm’s short-run total cost and short-run marginal cost?

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Microeconomics

ISBN: 9780716759751

1st Edition

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

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Question Posted: Oct 16, 2024 01:00 AM

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1. A firm has a production function of Q = 0.25KL 0.5 , the rental rate of...

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Microeconomics

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