What is the firm short run cost function

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Reference no: EM13151486

Suppose the firm’s production function is q= 2K^1/2l^1/2, the wage rate is $9/hr and the rental rate of capital is $36/hour

a. What is the firm’s optimal input combination when it wants to produce 100 units of output?

b. Suppose the firm chooses this input combination. What is the firm’s short run cost function?

c. What are the firm’s fixed costs? What are the firm’s variable costs?

Reference no: EM13151486

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