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8. Consider the following production function Q = 6L0.6K0.4 Where Q = Output, L = Labour, and K = Capital If the rental price of capital and Wage rate of labour is 3Birr & 9Birr respectively, then answer the following questions given that the firm decides to produce total output of 900 units. A. Calculate optimal unit of labour and capital that would minimize total cost. B. Calculate the minimum cost C. Formulate the is cost curve equation D. Check the above production function for returns to scale 9. Suppose the total cost function of a firm is given as TC = 10 + 16Q – 0.9Q2 + 0.005Q3 . What would be TFC, AFC, TVC, AVC and MC function? 10. Suppose a perfectly competitive firm has the following total cost (TC) and total revenue (TR) functions. TC = Q3 – 5Q2 + 12Q + 48 TR = 9Q A. Calculate the profit maximizing or loss minimizing level of output. B. Determine the magnitude of profit or loss.
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