A firm produces output using the technology y = 1000 KL ² where capital, K, is measured in machine-hours, labor, L, is measured in person-hours, and y denotes the yearly output. The hourly wage rate w = 10, and the hourly rental rate of capital is r = 20. At which point do the short run marginal cost function and the short run average cost function intersect? O y* =√20 O y* = √2 y* =√2,000 Ⓒy* = 2,000

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