Reference no: EM13832608
Suppose the production function for a certain good is a simple Cobb-Douglas function without a technology component.
in the short run K is fixed at 25.
1- What’s the short run production function?
2- if capital rents for v=$20 what’s the STC function?
3- What’s the SMC function?
4- Given this SMC how much will this firm produce at a price of $40?
5- How many labor hours will hired per week?
6-If w=$10 what’s the total cost, total revenue, and profit?
7- If price falls to $20 how much will the company produce?
8- What’s the total cost, total revenue, and profit at this level?
9- Should they close? Why or why not?
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