5. A firm producing Hamburger has a production function given by: q = 2√KL. In the short run, the fir amount of capital is fixed at K= 100. The rental rate (v) is $1, and the wage rate (w) is $4. Determine whether Hamburger production function reflects increasing, decreasing, or constant retur to scale? b. Calculate the firm short run total cost curve C. What are the STC, SAC, and SMC for the firm if it produce 200 units of hamburger a.
5. A firm producing Hamburger has a production function given by: q = 2√KL. In the short run, the fir amount of capital is fixed at K= 100. The rental rate (v) is $1, and the wage rate (w) is $4. Determine whether Hamburger production function reflects increasing, decreasing, or constant retur to scale? b. Calculate the firm short run total cost curve C. What are the STC, SAC, and SMC for the firm if it produce 200 units of hamburger a.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![5. A firm producing Hamburger has a production function given by: q = 2√KL. In the short run, the fir
amount of capital is fixed at K= 100. The rental rate (v) is $1, and the wage rate (w) is $4.
Determine whether Hamburger production function reflects increasing, decreasing, or constant retur
to scale?
b. Calculate the firm short run total cost curve
C. What are the STC, SAC, and SMC for the firm if it produce 200 units of hamburger
a.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F39f44c0a-07b0-4f94-b811-ca73fc5c434b%2F381b0098-7208-4598-b0d0-ad88baad6e64%2Fkoe3k4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:5. A firm producing Hamburger has a production function given by: q = 2√KL. In the short run, the fir
amount of capital is fixed at K= 100. The rental rate (v) is $1, and the wage rate (w) is $4.
Determine whether Hamburger production function reflects increasing, decreasing, or constant retur
to scale?
b. Calculate the firm short run total cost curve
C. What are the STC, SAC, and SMC for the firm if it produce 200 units of hamburger
a.
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