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ECON 2020 - What is the fixed cost

Question # 00600630
Subject: Economics
Due on: 10/07/2017
Posted On: 10/07/2017 12:43 PM

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q = F(K, L) = (2K)^0.5 (2L)^0.5 /100. In the short run, capital (studios, gear) is fixed at a level of 100. It costs $40 (in thousands) to rent a unit of capital and $10 (in thousands) to hire a unit of labor (actors, stuntmen, camera crew etc.).


Question: (a) What is the fixed cost? What is the variable cost as a function of output q?1

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ECON 2020 - What is the fixed cost

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