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Question 1 (15 marks) Consider a firm with the following production function: y = (min { K, 21} )1/2 Qla. (5 marks) Given the provided

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Question 1 (15 marks) Consider a firm with the following production function: y = (min { K, 21} )1/2 Qla. (5 marks) Given the provided production function, write down the corresponding long-run cost minimization problem. 2 Q1b. (5 marks) Plot the isoquant and isocost lines, showing the optimum solution of the long-run cost-minimization problem. Q1c. (5 marks) Derive the long-run cost function C(q)

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