What is their short-run average cost of remodeling 80 square feet per week

Hannah and Sam run Moretown Makeovers a home remodeling business. The number of square feet they ca Show more 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 where L is their number of workers and K is units of capital. The wage rate is $320 per week and a unit of capital costs $200000 per week. Suppose that when initially producing 10 square feet a week they use 0.04 unit of capital. a. What is their short-run cost of remodeling 80 square feet per week? Instructions: Round your answer to the nearest whole number. $ b. What is their short-run average cost of remodeling 80 square feet per week? Instructions: Round your answer to the nearest whole number. $ c. What is their long-run cost of remodeling 80 square feet per week? Instructions: Round your answer to the nearest whole number. $ d. What is their long-run average cost of remodeling 80 square feet per week? Instructions: Round your answer to the nearest whole number. $ Show less


 

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