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Scenario B Consider a fish processing plant that employs workers (L) and machines (K). The production function is given by: Q=210.35K925 Initially, the firm has
Scenario B Consider a fish processing plant that employs workers (L) and machines (K). The production function is given by: Q=210.35K925 Initially, the firm has a fixed number of machines of Ko=32. The input costs are w=160 and r=40. 6. Suppose the firm plans to produce Q=16. With the current amount of capital, how much labor does the firm need to employ? 7. In the short run with the initial quantity of capital, how much will it cost to produce Q=16? C (16)= 8. [2 points] Find the short-run cost function C"(Q) with the initial amount of capital. C (Q)= 9. Continuing with the short run cost function, what is the fixed cost. FC=
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