Question
1. Suppose the firm's production function is q = LK ^(1/2 ). w = $10 and r = $20. a. What is the long-run total
1. Suppose the firm's production function is q = LK ^(1/2 ). w = $10 and r = $20. a. What is the long-run total cost curve? b. What is the short-run total cost curve if capital is fixed at K?
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The Economics of Public Issues
Authors: Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North
19th edition
134018974, 134018973, 9780134020532 , 978-0134018973
