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?
Definitions:
Schedule C
This is a tax form used by sole proprietors in the United States to report their business income and expenses.
1099-MISC
A tax form used to report miscellaneous income, including fees, royalties, or rent, paid to a non-employee.
Self-Employment Tax
A levy that encompasses Social Security and Medicare contributions, mainly targeted at individuals who are self-employed.
Pharmaceutical Company
A business involved in the research, development, manufacturing, and distribution of medications.
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