2) The production function for doors is given by: Q : KaLH?. The wage is equal to 1 and the price of capital is equal to 5. Consider first the short-run decisions of the ?rm Microhard (simply fix the level of capital at K). a) Write down the cost minimization problem that Microhard has to solve in the short run. b) Find the contingent demand function for labor and the corresponding short-run total cost function. c) Find the short run-average cost and the short-run marginal cost of labor.
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