Microeconomics (Book Only)
Microeconomics (Book Only)
12th Edition
ISBN: 9781285738307
Author: Roger A. Arnold
Publisher: Cengage Learning
Question
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Chapter 9, Problem 13QP

(a)

To determine

Explain P=MR.

(c)

To determine

Explain P=SRATC.

(d)

To determine

Explain SRATC>LRATC.

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The production function for a product is given by Q =100KL.if the price of capital is 120 dollars per day and the price of labor 30 dollars per day what is the minimum cost of producing 1000 units of output ?
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