8. A firm's production is represented by Q(L, K) = L1/3 + K 1/3. Let the price of L equal $16, and the price of K equal $16. What is the firm's long-run marginal cost function? a. LRMC = 32Q b. LRMC=16Q c. LRMC = 12Q² d. LRMC = 4Q³

Q: 100 90 80 ATC 70 50 30 AVC 20 MC 10 + 0 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of pans)…

A: In perfect competition we assume that the marginal cost curve is same as the supply curve. The below…

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A: Break even point is that point where the profits are 0 => Profits = Revenue - Cost = 0 =>…

Q: (dollas мс . F 40 E ATC 30 AVC 22 в 20 ED0 350 Output (unit) 425 450 0 rri

A: The total fixed cost is the cost that remain constant in total dollar amount irrespective tio the…

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A: Price elasticity of demand for a good is estimated to know about the changes in the quantity…

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A: The variable cost can be calculated as follows:

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A: Since, AFC of 2 Units = 120 (Given)We can find, Fixed Cost (FC) = 2 *120 = 240Now, It is given that…

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A: Given data Month Hours of Operation Total Cost January 550 1620 February 600 1700 March 700…

Q: Use the values in the table below to answer the following questions. MC TC АТС 46.47 15.49 20.13 -(…

A: Average total cost is the ratio of total cost and quantity. ATC = TC/Q TC = ATC*Q

Q: Question: Write 5 Usual Objectives In Conducting Engineering Economic Analysis.

A: In conducting engineering economic analysis, there are 5 commonly pursued objectives:-

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A: Project cash flow is the net amount associate with a project during a period of time.

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A: Continuation equation: m1 + m2 = m3 Energy equation: m1 h1 + m2 h2 + Q = m3h3 Entropy equation:m3…

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A:

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Q: Use the values in the table below to answer the following questions. TC ATC MC 2 28.44 14.22 (A)-…

A: MC is the ratio of change in TC and change in Q TCn = TCn-1 + MCn TC at 41 units = 46750 + 3560=…

Q: typing clear no chatgpt used i will give 5 upvotes i need both answers

A:

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.