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Production function Q =100KL Wage w = 20, rental cost of capital r = 40 1. Total, average and marginal cost of producing Q units
Production function Q =100KL Wage w = 20, rental cost of capital r = 40 1. Total, average and marginal cost of producing Q units in the short run when K is fixed at 5? 2. Total, average and marginal cost of producing Q units in the long run? 3. What happens if wage rate increases to 40 32
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