Derive the short run total cost as a function of q

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Reference no: EM13192363

A firm produces paper clips with the following production function:

F(K,L) = 3K^(2/3) L^(1/3)

where K is the capital used in production and L is labor used in production. The rental rate for capital is r = 24 and the wage rate is w = 6. In the short run the amount of capital is fixed at K = 8.

Derive the short run total cost, average fixed cost, average variable cost, average total cost, and marginal cost as a function of Q.

Reference no: EM13192363

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