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amyaacrawford86
17.07.2019 •
Business
Suppose a firm can use either capital (k) or labor (l) in a production process. the firms production function is given by q = 5l + 15k. the price of capital is $20 per unit and the price of labor is $8 per unit. a. what is the firm's total cost function?
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Ответ:
q = 5l + 15k
where q is the cost, k is the capital cost, and l is the production cost. If we are to determine the total cost function, we simply have to multiply the given values or price for capital and labor such that the equation becomes,
q = (5)(8) + (15)(20)
Ответ:
Blank 2. Applies to them in only certain cases