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Microeconomic Theory 11th Edition by Walter Nicholson,Christopher Snyder
Edition 11ISBN: 978-1111525538Microeconomic Theory 11th Edition by Walter Nicholson,Christopher Snyder
Edition 11ISBN: 978-1111525538 Exercise 3
Suppose that a firm's fixed proportion production function is given by
q = min ( 5 k , 10 l ) :
a. Calculate the firm's long-run total, average, and marginal cost functions.
b. Suppose that k is fixed at 10 in the short run. Calculate the firm's short-run total, average, and marginal cost functions.
c. Suppose v = 1 and w = 3. Calculate this firm's long-run and short-run average and marginal cost curves.
q = min ( 5 k , 10 l ) :
a. Calculate the firm's long-run total, average, and marginal cost functions.
b. Suppose that k is fixed at 10 in the short run. Calculate the firm's short-run total, average, and marginal cost functions.
c. Suppose v = 1 and w = 3. Calculate this firm's long-run and short-run average and marginal cost curves.
Explanation
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Total cost function shows the cost incur...
Microeconomic Theory 11th Edition by Walter Nicholson,Christopher Snyder
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