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A firm combines labor (L) and capital (K) to produce output (Q). The price of one unit of labor is 30 and the price of

A firm combines labor (L) and capital (K) to produce output (Q). The price of one unit of labor is 30 and the price of one unit of capital is 20. This firm is producing in the short run (remember that in the short run there is one fixed resource, in this case, capital). L K Q TC TFC TVC ATC AFC AVC MC 0 X X X X 20 2 1.25 3 10 170 4 0.8

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