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Quinn's candy factory is in a competitive market. The production function is given by .f ( L, K) = LY/4K1/4 Suppose the wage rate is

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Quinn's candy factory is in a competitive market. The production function is given by .f ( L, K) = LY/4K1/4 Suppose the wage rate is 1, and the rental rate of capital is 4. (a) Use the Lagrange multiplier method to derive the long-run cost function for Quinn's candy factory. (b) Calculate and graph the long-run marginal cost curve and the average cost curve for Quinn's candy factory. (c) Write down the long-run supply function and graph the long-run supply curve for Quinn's candy factory

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