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QUESTION
(a) Let a typical consulting firm have production function f (L) = 10000L1/2 and the firm also incurs a fixed cost of 1000.
(a) Let a typical consulting firm have production function f (L) = 10000L1/2 and the firm also incurs a fixed cost of 1000. What is this firm"s total cost function, average cost function, average variable cost function, and marginal cost function?
