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A firm has a production function defined as y = 40L^(1/10)K^(7/10). The firm faces costs of $10 wages, and $100 rental rate of capital. Find the cost function, and average total cost, average variable cost, and marginal cost functions.

A firm has a production function defined as y = 8L^(1/4)K^(3/4)
. The firm faces costs of $20 wage, $60 rental rate of capital, $2 per unit produced, and a $42 fixed cost. Find the cost function, and average total cost, average variable cost, and marginal cost functions.

Microeconomics, Economics

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