A firm uses inputs L and K to produce and good Q. The production function is Q-0.5LK. In the short-run, K is fixed at 20 units, the price of labor is PL $14 and the price of capital is PK - $6. The total cost of producing 120 units of Q is M and the average total cost is? O288; 2.4 244: 2.0 O288; 2.0 O 244:24

A firm uses inputs L and K to produce and good Q. The production function is Q-0.5LK. In the short-run, K is fixed at 20 units, the price of labor is PL $14 and the price of capital is PK - $6. The total cost of producing 120 units of Q is M and the average total cost is? O288; 2.4 244: 2.0 O288; 2.0 O 244:24

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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