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Suppose a firms production function is given by q l12 k12

Suppose a firms production function is given by Q= L^1/2 * K^1/2. The marginal product of labor and the marginal product of capital are given by:

MPL= K^1/2 /2L^1/2 and MPk= L^1/2/2K^ 1/2.

Suppose the price of labor is w=24 and the price of capital is r=6. Derive the firms total cost function.

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Macroeconomics: Suppose a firms production function is given by q l12 k12

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Solution Preview :

Prepared by a verified Expert

Macroeconomics: Suppose a firms production function is given by q l12 k12

Reference No:- TGS0670036

Have a Question? (oR Write a Review)

Recent Questions Asked Macroeconomics

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Solution Preview :

Prepared by a verified Expert

Macroeconomics: Suppose a firms production function is given by q l12 k12

Reference No:- TGS0670036

Recent Questions Asked Macroeconomics

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