A firm's production function is (q=K^{0.4} L^{0.6}). What is the firm's cost-minimizing input bundle when (w=3) and
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A firm's production function is \(q=K^{0.4} L^{0.6}\). What is the firm's cost-minimizing input bundle when \(w=3\) and \(r=4\) ? Draw a diagram depicting the firm's long-run expansion path. What is the firm's long-run cost function, \(C(q)\) ?
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