Problem
A firm has a production function of Q = 0.25KL0.5 , the rental rate of capital is $100, and the wage rate is $25. In the short run, K‾ is fixed at 100 units.
a. What is the short-run production function?
b. What is the short-run demand for labor?
c. What are the firm's short-run total cost and short-run marginal cost?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.