A firm produces a product with labor and capital, and its production function is described by Q

Question:

A firm produces a product with labor and capital, and its production function is described by Q = LK. The marginal products associated with this production function are MPL = K and MPK = L. Suppose that the price of labor equals 2 and the price of capital equals 1. Derive the equations for the long-run total cost curve and the long-run average cost curve.