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5. Consider the production function: f(L,K) = 2LKI. Let w and r denote the price of labor and capital, and let p denote the price
5. Consider the production function: f(L,K) = 2LKI. Let w and r denote the price of labor and capital, and let p denote the price of the output good. (a) Let w = 5 and r = 10. Find the firm's short-run cost function when the firm's use of capital is fixed at K = 10,000. (b) Let w = 5 and r = 10. Find the firm's (long-run) cost minimizing input bundle and the long-run cost function
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