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Determine firm short run cost curve

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Question

Assume that a firm has the following production function; q=L^0.5 K^0.5. Its capital is fixed at K ¯=1. It faces a rental rate of r=$90 and a wage rate of w=$10.

Determine the firm's short run cost curve.

Determine the average, average variable, and average fixed cost functions.

 

Reference no: EM133269079

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