The production function for a firm is Q = 24L5K5. In the short run, the firm has
Question:
The production function for a firm is Q = 24L5K5. In the short run, the firm has a fixed amount of capital, K = 121. The price of labor is $10 per unit, and the price of capital is $20 per unit.
a. The short-run production function is Q5 = ___________.
b. The marginal product of labor is MPL = ___________. Show that the marginal product of labor diminishes for all levels of labor usage.
c. Write the equation for the short-run expansion path.
d. Derive the short-run TVC, TFC, and TC functions.
e. Derive SMC, AVC, ATC, and AFC.
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a Q 24L 0 5 121 05 264L 0 5 gL b MP L dgL dL 132L 05 ...View the full answer
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Related Book For 
Managerial Economics Foundations of Business Analysis and Strategy
ISBN: 978-0078021718
11th edition
Authors: Christopher Thomas, S. Charles Maurice
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