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calculate your TC ,AC and marginal cost at the optimal choice of labor Suppose that you have the following production function: 2 y = k313

calculate your TC ,AC and marginal cost at the optimal choice of labor

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Suppose that you have the following production function: 2 y = k313 Where & represents the units of capital employed at your production facility, / is the number of labor hours employed and y is your total production. You face wage rate equal to $15 per hour and a cost of capital equal to $1,920 per unit. You have I unit of capital and that can't be changed. a) You are currently employing 8 hours of labor. Calculate your Total costs, Average cost and marginal cost

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