7. = A firm's production function takes the form: Q (L, K) = min {4L, K}, where Q represents output and L and K represent labour and capital, respectively and where w and r give the prices of labour and capital. What would be the expression for the firm's marginal costs? (a) MC = r +· W 4 (b) MC = r + 4w (c) MC = W w+4r + 4r w+4r WK (d) MC = +rk 4 (e) MC = Q(+r)
7. = A firm's production function takes the form: Q (L, K) = min {4L, K}, where Q represents output and L and K represent labour and capital, respectively and where w and r give the prices of labour and capital. What would be the expression for the firm's marginal costs? (a) MC = r +· W 4 (b) MC = r + 4w (c) MC = W w+4r + 4r w+4r WK (d) MC = +rk 4 (e) MC = Q(+r)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 4QR
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![7. A firm's production function takes the form: Q (L, K) = min {4L, K}, where Q represents
output and L and K represent labour and capital, respectively and where w and r give
the prices of labour and capital. What would be the expression for the firm's marginal
costs?
W
4
(b) MC = r + 4w
(a) MC = r +
(c) MC =
(d) MC
=
W
W+4r
WK
4
+
4r
W+4r
+rk
(e) MC = Q Q ( x + r)
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa17acb91-e87f-4835-8612-ca6879a3d848%2Fc0081634-4987-4a7b-81c1-44cb7ab0a786%2F0js9svp_processed.png&w=3840&q=75)
Transcribed Image Text:7. A firm's production function takes the form: Q (L, K) = min {4L, K}, where Q represents
output and L and K represent labour and capital, respectively and where w and r give
the prices of labour and capital. What would be the expression for the firm's marginal
costs?
W
4
(b) MC = r + 4w
(a) MC = r +
(c) MC =
(d) MC
=
W
W+4r
WK
4
+
4r
W+4r
+rk
(e) MC = Q Q ( x + r)
4
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