At what price does the firm make zero profits

Reference no: EM132200907

Question: Assume that w = r = 1 and that k = k. Suppose that half of the fixed cost is nonsunk. For the following production function, derive the short-run supply function, and represent it graphically. On your graph, pick a price above shutdown price and graphically represent the firm's (short-run) profit at that price and at the profit-maximizing quantity. At what price does the firm make zero profits?

f(l,k) = l^(1/3)k^(1/3)

Reference no: EM132200907

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