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Assume that a firm has the following production function; q=L^0.5 K^0.5. Its capital is fixed at K =1. It faces a rental rate of r=$90
Assume that a firm has the following production function; q=L^0.5 K^0.5. Its capital is fixed at K =1. It faces a rental rate of r=$90 and a wage rate of w=$10. Determine the firm's short run cost curve. Determine the average, average variable, and average fixed cost functions
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Business A Changing World
Authors: O. C. Ferrell, Geoffrey Hirt, Linda Ferrell
10th edition
1259179397, 978-1259179396
