Mathematics, 15.10.2019 19:10 iamasia06
Suppose that a firm's production function is given by q = min(5k, 10l) and that the rental rates for capital and labor are given by r=1 and w=3. (a) calculate the firm's long-run total, average and marginal cost curves. (b) suppose that k is fixed at 10 in the short run. calculate the firm's short-run total, average and marginal cost curves.
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Suppose that a firm's production function is given by q = min(5k, 10l) and that the rental rates for...
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