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Question: 1. If a firm faces the total cost function TC = (6 + x)0.5, what is its marginal cost function?

2. A firm operates with the production function q = 0.4K0.5L0.5 and sells its output in a market where it is a monopoly with the demand schedule p = 60 - 2q. If K is fixed at 25 units and the wage rate is £7 per unit of L, derive the MRPL function and work out how much L the firm should employ to maximize profit.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92291095

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