Suppose that production for good X is characterized by the following production function, Q = K0.5L0.5, where K is the fixed input in the short run. If the per - unit rental rate of capital, r, is $15 and the per- unit wage, w, is $125, then the average fixed cost of using 16 units of capital and 25 units of labor is Multiple Choice $9. $12. $56. incalculable since there is insufficient information to determine the average fixed

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Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.