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1. An eyeglasses manufacturer can produce eyeglasses according to the following production function: q = VKL where K is the number of tiny screwdrivers and

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1. An eyeglasses manufacturer can produce eyeglasses according to the following production function: q = VKL where K is the number of tiny screwdrivers and tiny screws the firm owns, and L is the number of workers the firm employs. In the short run, the company cannot buy any more tiny screwdrivers or tiny screws (in other words, the capital stock is fixed). a. What is the short run marginal cost function for the firm if K is fixed at 100, and workers are paid a wage of $w each? [Hint: Figure out how many workers the firm has to hire to make q eyeglasses when it owns 100 tiny screwdrivers and tiny screws. Then use that function to write the total cost function] For the remainder the problem. nsider the long run The firm can now buy as many

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