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Suppose the production function for new iPhones is Q = 17L0.3K0.8 and MPL = 5.1L-0.7K0.8 and...

Suppose the production function for new iPhones is Q = 17L0.3K0.8 and MPL = 5.1L-0.7K0.8 and MPK = 13.6L0.3K-0.2.

a.What is the equation (in terms of K and L) for the average product of labor for this production function?

b.What is the equation for the MRTSLK for this production function? Simplify.

c.If the isocost line for this firm is C = 12L + 8K, what is the rental rate for capital?

d.If the MRTSLK is 2.33 when output is 276 units, is this firm minimizing cost of production?

e.If L=100 and K=200 when Q=276, what is the average total cost (ATC) of production? Round to the nearest whole.

f.If this firm can sell its product for a price of $50, what is its profit, given the information in (e)?

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