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[solution] » Wagner Machine Tool produces output according to Q = 4(KL)1/2,

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Wagner Machine Tool produces output according to Q = 4(KL)1/2,
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Wagner Machine Tool produces output according to Q = 4(KL)1/2, where K is the amount of capital used and L is the amount of labor employed. Capital costs $2 per unit, and Wagner is constrained in the short run to use 16 units of capital. If labor costs $8 per unit, Wagner's minimized short-run marginal cost at an output of 48 is:


 







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This question was answered on: Feb 21, 2020

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