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Economics

Question: Short run total cost function (8 points). Suppose the production function for Donut Friend donuts is given by Q(K, L) = K + 2L The workers at Donut Friend are paid a wage of $20 per hour and a unit of capital can be rented for $50 per hour.

(a) (4 points) In the short run, Donut Friend's capital is fixed at K = 20. Find the firm's short run total cost function, T CSR(Q) when Q = 20.

(b) (4 points) In the short run, Donut Friend's capital is fixed at K = 20. Find the firm's short run total cost function, T CSR(Q) when Q < 20.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M92252901

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