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April 24, 2014

Homework Help: economics

Posted by jon on Thursday, October 4, 2007 at 5:02pm.

suppose a firm's constant-returns to scale production function requires it to use capital and labor in a fixed ratio of two workers per machine to produce 10 units and that the rental rates for capital and labor are given by v=1, w=3.

a. calculate the firm's long run total and average cost curves.
b. Suppose K is fixed at 10 in the short run. Calculate the firms short run toatl and average cost curves. What is the marginal cost of the 10 th unit? The 25th unit? the 50th unit? the 100th unit?

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