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A production function is given by F(K,L) =2L(K)^1/2 (note output q= F(K,L)). In the short run K=25, and r =5, and wages are given by w. Derive the average cost, the marginal costs, and the total cost of this production function. Does it possess the property of diminishing marginal productivity of labor?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91236165

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