Suppose that a firm uses both labor (L) and capital (K) as inputs and has the long-run

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Suppose that a firm uses both labor (L) and capital (K) as inputs and has the long-run production function

If its capital is fixed at K = 10 in the short run, what is its short-run production function? How much does it produce in the short run (using efficient production methods) if it hires one worker? Two workers?Three?

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Microeconomics

ISBN: 978-1118572276

5th edition

Authors: David Besanko, Ronald Braeutigam

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Question Posted: Mar 18, 2016 04:45 AM

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Suppose that a firm uses both labor (L) and capital (K) as inputs and has the long-run

Question:

LXVL+ K. Q= F(L, K)=

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The firmproduces 3316 units of output in the short run using efficient production methods if it hire...View the full answer

Microeconomics

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