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Steve and Sons Solar Panels has a production function of Q 4KL and faces a wage rate of $8 per hour and a rental rate of capital of $10 per hour. Assume that, in the short run, capital is fixed at K 10. Derive the long-run total cost curve for the firm. Give the coefficient in the function to two decimal places. TCLR = 1622 Incernect What is the long-run total cost of producing Q = 200 units? Give your answer to the nearest whole number. TCR $ 126 56

Steve and Sons Solar Panels has a production function of Q 4KL and faces a wage rate of $8 per hour and a rental rate of capital of $10 per hour. Assume that, in the short run, capital is fixed at K 10. Derive the long-run total cost curve for the firm. Give the coefficient in the function to two decimal places. TCLR = 1622 Incernect What is the long-run total cost of producing Q = 200 units? Give your answer to the nearest whole number. TCR $ 126 56

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The Calculus of a Firm's Cost Structure Calculus Appendix Figure It Out: Question 3 of 4 Steve and Sons Solar Panels has a production function of Q 4KL and faces a wage rate of $8 per hour and a rental rate of capital of $10 per hour. Assume that, in the short run, capital is fixed at K 10. Derive the long-run total cost curve for the firm. Give the coefficient in the function to two decimal places. TCLR = 1622 Incernect What is the long-run total cost of producing Q = 200 units? Give your answer to the nearest whole number. TCLR $ 126 56
Transcribed Image Text:The Calculus of a Firm's Cost Structure Calculus Appendix Figure It Out: Question 3 of 4 Steve and Sons Solar Panels has a production function of Q 4KL and faces a wage rate of $8 per hour and a rental rate of capital of $10 per hour. Assume that, in the short run, capital is fixed at K 10. Derive the long-run total cost curve for the firm. Give the coefficient in the function to two decimal places. TCLR = 1622 Incernect What is the long-run total cost of producing Q = 200 units? Give your answer to the nearest whole number. TCLR $ 126 56
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