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Consider production function f(L, K) = 10VLK and input prices w = 10,r = 90.

Consider production function f(L, K) = 10VLK and input prices w = 10,r = 90.

Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN:9781337517942
Author:NICHOLSON
Publisher:NICHOLSON
Chapter16: Labor Markets
Section: Chapter Questions
Problem 16.7P
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Consider production function f (L, K) = 10VLK and input prices w 10,r = 90. ||
Transcribed Image Text:Consider production function f (L, K) = 10VLK and input prices w 10,r = 90. ||
b. Suppose that in the short run capital is fixed at some arbitrary value K = 5. How much labor will the firm use and what will be the short run total cost of production STC (w,r,q)?
Transcribed Image Text:b. Suppose that in the short run capital is fixed at some arbitrary value K = 5. How much labor will the firm use and what will be the short run total cost of production STC (w,r,q)?
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