Question
Kendall Square Inc makes and sells ramen to the large number of students around MIT. Kendall Square Inc uses the production function F(K,L)=(K+2L)1/3. Input prices
Kendall Square Inc makes and sells ramen to the large number of students around MIT. Kendall Square Inc uses the production function F(K,L)=(K+2L)1/3. Input prices are w=2 and r=3 for labor and capital respectively. It operates in a perfectly competitive environment facing a price p=$48
- Compute Kendall Square Inc's long-run cost function.
2. To verify that you have the correct long-run cost function, calculate the long-run cost of producing 8 units of ramen.C(8)
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An Inquiry Into The Nature And Causes Of The Wealth Of Nations
Authors: Adam Smith, R H Campbell
1st Edition
0865970068, 9780865970069
