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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Microeconomics

ISBN: 9780716759751

1st Edition

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

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Question Posted: Oct 16, 2024 01:00 AM

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19. Suppose that a firm has the following Cobb Douglas production function: Q = 12K 0.75...

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Microeconomics

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