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Acme Inc. produces widgets according to the production function (,1 = KlszI/z, where K is units of capital input, L is units of labor input,
Acme Inc. produces widgets according to the production function (,1 = KlszI/z, where K is units of capital input, L is units of labor input, and q is the quantity of widgets produced. Acme can hire capital at a price of $40 per unit and can hire labor at a price of $10 per unit. If capital input is xed at K : 25 and labor input is completely variable in the short run. what is Acme's short run total cost function? C!) Q .4: H H D 8 + ID '5: 6' 3 IV D
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