Question
A firm has fixed costs of $2,000. Its short-run production function isf(x)=4x^0.5, where x is the amount of the variable factor that it uses. The
A firm has fixed costs of $2,000. Its short-run production function isf(x)=4x^0.5, where x is the amount of the variable factor that it uses. The price of the variable factor is$4,000 per unit. If y is the amount of output produced, the firm's short-run total cost function is
8,000y.
4,000 + 250y2.
4,000 + 4,000y.
(4,000/y) + 4,000.
2,000 + 250y2.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Public Relations
Authors: Tom Kelleher
1st Edition
0190201479, 9780190201470
