8.21. When a firm uses K units of capital and L units of labor, it can produce

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8.21. When a firm uses K units of capital and L units of labor, it can produce Q units of output with the production function Each unit of capital costs 2, and each unit of labor costs 1.

a) The level of K is fixed at 16 units. Suppose What will the firm’s short-run total cost be? (Hint: How much labor will the firm need?)

b) The level of K is fixed at 16 units. Suppose Q # 4. Find the equation of the firm’s short-run total cost curve.

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Microeconomics

ISBN: 9780470563588

4th Edition

Authors: David Besanko, Ronald Braeutigam

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Question Posted: Oct 15, 2024 03:02 AM

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8.21. When a firm uses K units of capital and L units of labor, it can produce

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Microeconomics

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