Solved: A what are the short-run avc and atc functions hint costs, Macroeconomics

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A what are the short-run avc and atc functions hint costs

Jimmy John Factory faces the production function . Labor costs are $10 per hour of labor, while capital costs are $100 per hour. In the short run, however, capital is fixed at K = 100 units.

a. What are the short-run AVC and ATC functions? Hint: Costs are a function of the level of output produced so your functions should be in terms of Q.

b. What is the short-run MC function?

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