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Susan's Umbrellas has a production function given by Q = 10K0.5L0.5, where MPL = 5K0.5/L0.5 and MPK = 5L0.5/K0.5. Susan is using 9 units of capital (K) in the short run. The wage (W) is $80 per day and the rental rate per unit of capital (R) is $5 per day. What is Susan's total cost of producing 60 umbrellas?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91949870

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