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.   Problem 3 a to d
trying to fix a test to study from. Sorry about markings

Show transcribed image text 12 D. Answer Problem (24 points Problem Technol unrelated to questions (c) and (6 and Questions (a) and b) are Its points consider afirm that plans to the next page. of output substitution units rate technical (d), which F(K,L) L for which the marginal of The MRTSt 4 L The firm's objective is to minimize the rental rate of capital is \$200 and the wage is w 850. labor shown below can cost of producing 10,000 units. of capital and capital and labor? each produce The three combinations combination of Explain your Q 10,000. Which, any, is the cost minimizing if answer. (ii K 125, L 40.96 (i)K 78, L 270.16 (Civ None of the above. none brause if soln for k and l nun of them sum up to times (Yk L. tuse answars don't sum up that, ot (b) (6 points) Consider an industry where, in the long run, any firm that is in the industry has the choice between three plant sizes. The average total cost of producing output in each plant is shown on the graph below. On the graph, draw the firm's long run average cost and show its minimum efficient scale. Plant size 3 the firms lend lun average Co St

12 D. Answer Problem (24 points Problem Technol unrelated to questions (c) and (6 and Questions (a) and b) are Its points consider afirm that plans to the next page. of output substitution units rate technical (d), which F(K,L) L for which the marginal of The MRTSt 4 L The firm's objective is to minimize the rental rate of capital is \$200 and the wage is w 850. labor shown below can cost of producing 10,000 units. of capital and capital and labor? each produce The three combinations combination of Explain your Q 10,000. Which, any, is the cost minimizing if answer. (ii K 125, L 40.96 (i)K 78, L 270.16 (Civ None of the above. none brause if soln for k and l nun of them sum up to times (Yk L. tuse answars don't sum up that, ot (b) (6 points) Consider an industry where, in the long run, any firm that is in the industry has the choice between three plant sizes. The average total cost of producing output in each plant is shown on the graph below. On the graph, draw the firm's long run average cost and show its minimum efficient scale. Plant size 3 the firms lend lun average Co St