Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / Consider a firm with production function F(K, L)=KL

Consider a firm with production function F(K, L)=KL

Economics

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

Option 1

Low Cost Option
Download this past answer in few clicks

2.89 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE