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Suppose you are the owner of small company that prints t-shirts. Your production function is given by the equation: Q = 10K^0.7L^0.3. The price of labor is $10, while the price of capital is $20. Currently the firm is operating in the short-run, when capital is fixed at 10 units. The average fixed costs of producing an output, Q, of 200 would equal to?

Microeconomics, Economics

  • Category:- Microeconomics
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