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I am studying for my Economics test and would like help on this question. Please show all work and answer the question with precision. Thank

I am studying for my Economics test and would like help on this question. Please show all work and answer the question with precision. Thank you :)

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2. Let the production function be as follow: (1(L, K) = L0.7K0.3 Also assume w=2 and r=4 a. Find out if we have increasing, decreasing or constant return to scale. b. Derive the long-run cost function. TC(q) c. Derive the average cost curve. Is it increasing or decreasing or constant in

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