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What is the firm marginal cost of production

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Reference no: EM132954610

Suppose a firm's production function is given by Q = L1/2*K1/2. The Marginal Product of Labor and the Marginal Product of Capital are given by: MPL = (K^1/2)/(2L^1/2), and MPK = (L^1/2)/(2K^1/2)

a) If the price of labor is w = 48, and the price of capital is r = 12, how much labor and capital should the firm hire in order to minimize the cost of production if the firm wants to produce output Q = 18?

b) What is the firm's Total Cost function TC(Q)?

c) What is the firm's marginal cost of production?

Reference no: EM132954610

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