= Q5. A firm has the following fixed proportion production function q min(k, 21). a. Find the firms long-run total, average, and marginal cost functions. b. Suppose that k is fixed at 30 in the short run. Calculate the firms short-run total, average, and marginal cost functions. c. Suppose v = 1 and w = 3. Calculate this firms long-run and short-run average and marginal cost curves.

= Q5. A firm has the following fixed proportion production function q min(k, 21). a. Find the firms long-run total, average, and marginal cost functions. b. Suppose that k is fixed at 30 in the short run. Calculate the firms short-run total, average, and marginal cost functions. c. Suppose v = 1 and w = 3. Calculate this firms long-run and short-run average and marginal cost curves.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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