Question 4. Suppose in the short run a firm's production function is given by q = L1/2*K¹/2, and that K is fixed at K = 9. If the price of Labor, w = $6 per unit of Labor, what is the firm's Marginal Cost of production when the firm is producing 6 units of output?
Question 4. Suppose in the short run a firm's production function is given by q = L1/2*K¹/2, and that K is fixed at K = 9. If the price of Labor, w = $6 per unit of Labor, what is the firm's Marginal Cost of production when the firm is producing 6 units of output?
Chapter22: Supply: The Costs Of Doing Business
Section: Chapter Questions
Problem 16E
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