Question
In the short run, if a firm’s production function is Q
= K^0.5 * L^0.5 and Capital (K) is fixed at 100 units, the Short-Run Marginal Cost (SRMC) curve will be:Solution
With K fixed, the function becomes Q = 10 * L^0.5. To increase output, the firm faces diminishing marginal productivity of labor. As MPL declines, the cost of producing an additional unit (MC = w / MPL) must rise, leading to an upward-sloping MC curve.
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