Hannah and sam run moretown makeovers a home remodeling, Business Economics

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Hannah and sam run moretown makeovers a home remodeling

Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of square feet they can remodel in a week is described by the Cobb-Douglas production function

Q=F (L,K)

Q=10L^0.5K^0.5

where L is their number of workers andKis units of capital. The wage rate is $100 per week and a unit of capital costs $2,500 per week. Suppose that when initially producing 100 square feet a week, they use 2 units of capital.

a. What is their short-run cost of remodeling 200 square feet per week?

b. What is their long-run cost of remodeling 200 square feet per week?

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Business Economics: Hannah and sam run moretown makeovers a home remodeling

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