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Assume that the production of scissors is represented by q = 6*(K*L)1/2 . In the SR, K is fixed at 144. The rental rate (v) is 25, and the wage rate (w) is 10. a. (4 pts) What is the STC function in terms of q? b. (2 pts) Using your equation in part (a), what are the fixed cost (FC) and variable cost (VC) equations? c. (6 pts) What are the equations for average variable cost (AVC), average fixed cost (AFC), and short run average total cost (SAC) (in terms of q)?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91867053

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