Capital k has a price of 16 perunit and labor l has a price, Ask an Expert

Economics

The production function for Tweak's Coffee is Y=2K1/3L 1/2. Capital, K, has a price of $16 perunit and labor, L, has a price of $8 per-unit. In the short-run capital is fixed at 8 units.

a. Find the choice for labor necessary to produce 40 units of output at minimum cost.

b. Find the short-run total cost function for output.

c. Find the marginal cost function.

d. Find the average cost function.

e. Find the average variable cost function.

f. Find the level of output that minimizes average cost.

g. Find the value of minimum average cost.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9444809

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