A firm has a production function of 
, the rental rate of capital is $60, and the wage rate is $30. In the short run, 
is fixed at 100 units.
a. What is the short-run production function?
b. What is the short-run demand for labor?
c. What are the firm's short-run total cost and short-run marginal cost?
Definitions:
Lowest Bid
In procurement and auctions, the smallest price offer received to perform a job or provide goods.
Suppliers
Entities that provide goods or services to another organization, typically within a supply chain or business context.
Bullwhip Measure
A quantification of the bullwhip effect, which illustrates how variations in demand can be amplified as one moves up the supply chain.
Standard Deviation
A statistical measure of the dispersion or variability in a data set, indicating how much individual data points deviate from the mean or average.
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