Consider the production function Q = KL 1/2. Assume the cost of labor is $25, the cost

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Consider the production function Q = KL 1/2. Assume the cost of labor is $25, the cost of capital is $20 and that K is fixed at 5.

a. Write the equation for the SRTC.

b. What is the short run ATC and the short run MC? Graph them.

c. Find the value of that minimizes ATC.

Related Book For answer-question

Managerial economics

ISBN: 978-1118041581

7th edition

Authors: william f. samuelson stephen g. marks

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Posted Date: Jan 12, 2021 06:18 PM

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Consider the production function Q = KL 1/2. Assume the cost of labor is $25, the cost

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Managerial economics

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