Business, 29.11.2021 14:00 EhHannuh6865

21.6 (0) Touchie MacFeelie’s irascible business manager, Gander MacGrope, announces that old jokes can be purchased for $1 each and that the wage rate of cartoonists’ labor is $2.
(a) Suppose that in the short run, Touchie is stuck with exactly 100 old
jokes (for which he paid $1 each) but is able to hire as much labor as he
wishes. How much labor would he have to hire in order produce Q comic
books? Q4/3.
(b) Write down Touchie’s short-run total cost as a function of his output
2Q4/3 + 100.
(c) His short-run marginal cost function is 8Q1/3/3.
(d) His short-run average cost function is 2Q1/3 + 100/Q.

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21.6 (0) Touchie MacFeelie’s irascible business manager, Gander MacGrope, announces that old jokes c...

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