A Firm Has a Production Function of , the Rental

question 61

Essay

A firm has a production function of , the rental rate of capital is $50, and the wage rate is $15. In the short run, is fixed at 80 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?

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