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Suppose a firm has a production function given by Q = L1/2K1/2.Therefore, The firm can purchase labor, L at a price w = 9, and
Suppose a firm has a production function given by Q = L1/2K1/2.Therefore,
The firm can purchase labor, L at a price w = 9, and capital, K at a price of r = 16.
a)What is the firm's Total Cost function, TC(Q)?
b) What is the firm's marginal cost of production?
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