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Economics

Let q=K^(.75)*L^(.25) denote the production function, and w and r denote the prices of K (captial) and L (labor). Suppose K is fixed at 10 and L is variable.

2.1 Compute and illustrate MPL and APL

2.2 Derive FC, VC and TC

2.3 Derive AVC, AFC, ATC, and MC

2.4 Why is MC>AVC?

2.5 Where does the MC intersect the AC and why?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91229891

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