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firm’s production

/in /by

Question

3) (6 points) Suppose in the short run a firm’s production function is given by Q = L1/2*K1/2, and that K is

fixed at K = 36. If the price of Labor, w = $12 per unit of Labor, what is the firm’s Marginal Cost of

production when the firm is producing 48 units of output?

MC = _______________________

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