Assuming that input prices do not vary with the level of, Ask an Expert

Economics

Production function is given by $K\sqrt{L}$ The per unit cost of L labor is $4050 per unit.

a. Assuming that input prices do not vary with the level of output, does this production function display economies of scale?

b.The firm is producing in the short run with capital fixed at 9 units. The fixed costs of the firm are $1000 in the short run. What is the firm's short run production function.

c. Derive the firm's short run cost function, C(q). Assume that the fixed costs of the firm are $1000 in short run and that capital isfixed at 9 units

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9473511

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