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QUESTION
Given the total cost function,TC=rK+wL+200q and the avarenge cost function.find the marginal cost.
Given the total cost function,TC=rK+wL+200q and the avarenge cost function.find the marginal cost.
Question4a. K is fixed at 5. The short-run production function then becomes q = 25L.This implies that for any level of output q, the number of labor teams hiredwill be qL25 . The total cost...