A firm has a production function of Q=2KL+K, where the marginal product of labor is...
50.1K
Verified Solution
Link Copied!
Question
Finance
A firm has a production function of Q=2KL+K, where the marginal product of labor is MPL=2K and the marginal product of capital is MPK=2L+1. The wage rate (W) is $10 per worker and the rental price (R) is $40 per unit of capital. Hint: If you have to solve a quadratic equation, type it into a google search and google will solve it for you. A. In the short-run, capital ( K ) is fixed at 20. Find the minimum total cost of production in the short run if the firm produces 200 units of output. B. Find the minimum total cost of production in the long run if the firm produces 200 units of output
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.