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A firm has the following production function: f(L,K) = min (2L, K) It operates in competitive input markets. What is the firm's cost as a function of output? (Let firm's output = q) O c(q)-min(2w+r)*q O c(q)-(2w+r)*q O There is not enough information to determine an answer. O c(q)-min(0.5w+r)*q O c(q)-(0.5w+r)*q

A firm has the following production function: f(L,K) = min (2L, K) It operates in competitive input markets. What is the firm's cost as a function of output? (Let firm's output = q) O c(q)-min(2w+r)*q O c(q)-(2w+r)*q O There is not enough information to determine an answer. O c(q)-min(0.5w+r)*q O c(q)-(0.5w+r)*q

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter21: Costs And The Supply Of Goods
Section: Chapter Questions
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A firm has the following production function: f(L,K) = min (2L, K) It operates in competitive input markets. What is the firm's cost as a function of output? (Let firm's output = q) c(q)=min(2w+r)*q c(q)-(2w+r)*q There is not enough information to determine an answer. c(q)-min(0.5w+r)*q c(q)=(0.5w+r)*q
Transcribed Image Text:A firm has the following production function: f(L,K) = min (2L, K) It operates in competitive input markets. What is the firm's cost as a function of output? (Let firm's output = q) c(q)=min(2w+r)*q c(q)-(2w+r)*q There is not enough information to determine an answer. c(q)-min(0.5w+r)*q c(q)=(0.5w+r)*q
Consider a firm with the following production function: f(L,K) = L Ki The firm's average costs are: decreasing constant increasing There is not enough information to determine an answer.
Transcribed Image Text:Consider a firm with the following production function: f(L,K) = L Ki The firm's average costs are: decreasing constant increasing There is not enough information to determine an answer.
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