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A firm producing hockey sticks has a production function given by q=2kl The price of labor is w , the price of capital is
A firm producing hockey sticks has a production function given by q=2kl The price of labor is " w ", the price of capital is " v ". If the capital used for producing hockey sticks is fixed at "k1" in the short run. The short run cost function is SC=4k1wq2+vk1 a. Given q, w, and v, how should the capital stock "k1" be chosen to minimize total cost? (2pt) b. Use your results from part (a) to calculate the long-run total cost of hockey stick production. (2 pt)
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