A firm produces a product with labor and capital as inputs. The production function is described by

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A firm produces a product with labor and capital as inputs. The production function is described byQ=LK. The marginal products associated with this production function areMP_L=KandMP_K=L. Letw=2 andr=2 be the prices of labor and the price of capital, respectively.

(b)Find the equation for the firm'slong-runtotal cost curve as a function of quantityQ.

a. tc=4 sq. root Q

B.TC= 2 SQ. ROOT Q

C. 2+4 SQ. ROOT Q

D. 4+2 SQ. ROOT Q

Posted Date: Jun 25, 2024 09:05 AM

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A firm produces a product with labor and capital as inputs. The production function is described by

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