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Trapper John, the (faux) fur trader, has determined his prod

Paper help Economics Trapper John, the (faux) fur trader, has determined his prod

Economics

Trapper John, the (faux) fur trader, has determined his prod

Trapper John, the (faux) fur trader, has determined his production function for acquiring pelts is :… Show more Trapper John, the (faux) fur trader, has determined his production function for acquiring pelts is : q=2L^(1/2). q= number of pelts acquired per day and L, is the number of hours his employees spend hunting and trapping. John pays his workers $8 per hour. John’s fixed costs are $50. 1) Determine John’s total cost, variable cost and fixed cost equations. (please show all work!) 2) Determine John’s average total cost, average variable cost, and marginal cost equations. (please show all work!) 3) At what output level is ATC minimized? (please show all work!) 4) At what price are economic profits equal to zero? (please show all work!) • Show less

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