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3. Suppose that the firm's production function is Q = min{2L, K}. Suppose hourly wage is $10 and hourly rent for capital is $20. What is the long-run total cost curve?

4. Suppose you are the manager of a watchmaking firm operating in a competitive market. Your short-run cost of production is given by C=200+2q2 a. If the price of watches is $100, how many watches should you produce to maximize profit? b. What will the profit level be? c. At what minimum price will the firm produce a positive output?