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06-06-2023
Business

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A production function for a good Q uses inputs of labor (L) and capital (K) and takes the form Q LK. The wage is equal to $20 and the rental rate of capital is equal to $80. The firm has to produce a target go. Assume that K is fixed at K in the short run, what is the equation for the firm's short-run total cost curve? O SRTC = 20q, +80K 20q, 809。 O SRTC = + K K O SRTC = 209⁰ K +80K 209² SRTC: +80K K

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