A U.S. chemical firm has a production function of q=10(L^.32)*(K^.56). It faces factor prices of w=10 and r=20. What are its short-run marginal and average variable cost curves? A U.S. chemical firm has a production function of q=10(L^.32)*(K^.56). It faces factor prices of w=10 and r=20. What are its short-run marginal and average variable costcurves? Tc = wL +rK = 10L…
Short-run marginal and average variable cost curves
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