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Homework answers / question archive / Consider a firm with production function F(K, L)=KL
Consider a firm with production function F(K, L)=KL. Assume that capital is fixed at K=1. Assume also that the rental rate (price) of capital r=10 and the wage rate (price) of labor w=3. The cost of production is the total expenditure on capital (fixed cost) and labor (variable cost). Then in the short run, the total cost of producing q units is ____.
Group of answer choices
C(q)=3+10q
C(q)=10+3q2
C(q)=1+q
C(q)=10+3q
C(q)=3+10q2
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