In the short run, a firm which has production function f(L, M) = 4L"²M² must use 4 machines. If the cost of labor is £4 per unit and the cost of machines is £4 per unit, the short- run total cost of producing 48 units of output is A. £192. В. £196. С. £198. D. £320. Е. £160.
In the short run, a firm which has production function f(L, M) = 4L"²M² must use 4 machines. If the cost of labor is £4 per unit and the cost of machines is £4 per unit, the short- run total cost of producing 48 units of output is A. £192. В. £196. С. £198. D. £320. Е. £160.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section12.4: Costs In The Short Run And In The Long Run
Problem 4QQ
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![In the short run, a firm which has production function f(L, M) = 4L"²M"? must use 4
machines. If the cost of labor is £4 per unit and the cost of machines is £4 per unit, the short-
run total cost of producing 48 units of output is
А.
£192.
В.
£196.
С.
£198.
D.
£320.
Е.
£160.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0f7dc9d8-0dcd-4fcd-8aef-68b17c940655%2Fae11ca2b-0724-4ca6-b24b-1841608afabe%2Fgxvpgfk_processed.png&w=3840&q=75)
Transcribed Image Text:In the short run, a firm which has production function f(L, M) = 4L"²M"? must use 4
machines. If the cost of labor is £4 per unit and the cost of machines is £4 per unit, the short-
run total cost of producing 48 units of output is
А.
£192.
В.
£196.
С.
£198.
D.
£320.
Е.
£160.
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