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Reference: Firm should hire 72 units of labor Firm should hire 8 units of capital a) Using the same production function and prices of labor
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Firm should hire 72 units of labor
Firm should hire 8 units of capital
a) Using the same production function and prices of labor and capital given in the previous problem, write the expression for the firm's total cost as a function of Q, and show how you arrived at your answer.
b) Again, assuming the same production function and prices of labor and capital from the previous problem, what is the firm's marginal cost?
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