What is martins short run marginal cost function

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Question: Short run cost functions (11 points). Martin Marvel publishes comic books. The only inputs he needs are superhero character ideas (S) and hours of cartoonists' labor (L). His production function for comic books (Q) is Q(S, L) = 0.1S 1 2L 3 4 Superhero character ideas can be purchased for $1 each and the hourly wage of cartoonists' labor is $2.

(a) Does this production function exhibit increasing, decreasing, or constant returns to scale? 3

(b) Suppose that in the short run Martin is stuck with exactly 100 superhero character ideas (for which he paid $1 each), but is able to hire as much labor as he wishes. What is Martin's short run total cost function as a function of his output, SRT C(Q)?

(c) What is Martin's short run marginal cost function?

(d) What is Martin's short run average total cost function?

Reference no: EM131444156

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