19. Suppose that a firm has the following Cobb Douglas production function: Q = 12K 0.75...
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19. Suppose that a firm has the following Cobb –
Douglas production function: Q = 12K 0.75 L 0.25 .
a. What must its long-run total cost curve look like? Its long-run average total cost curve?
b. How do your answers to part
(a) change if the firm’s production function is Q = KL?
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Related Book For
Microeconomics
ISBN: 9780716759751
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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