Solution-Marginal cost functions, If the wage rate is w,

Marginal cost functions

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Reference no: EM131204162

A firm's production function is given by F(L)= L^1/2 where L is the only input into production and it is variable in both the short and long run. The marginal product of labor is 1/2L^-1/2. Derived from the production function, L=Q^2.

If the wage rate is w, what are the total cost, average cost, and marginal cost functions?

Reference no: EM131204162

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Marginal cost functions

Reference no: EM131204162

Reference no: EM131204162

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