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Acme Inc. produces widgets according to the production function q = K1/2 L1/2, where K is units of capital input, L is units of labor
Acme Inc. produces widgets according to the production function q = K1/2 L1/2, where K is units of capital input, L is units of labor input, and q is the quantity of widgets produced. Acme can hire capital at a price of $40 per unit and can hire labor at a price of $10 per unit. f capital input and labor input are both completely variable in the long run, what is Acme's long run total cost function? C(q) = 40q, for q 2 0 C(q) = 60q, for q 2 0 C(q) = 80q, for q 2 0 C(q) = 20q, for q 2 0
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