1. A firm has a production function Q = K1/2L where Q is output, and inputs K (capital) and L (labour) cost $1 and $3 per unit, respectively.(c) Show that the firm’s long run total cost function is LTC = 3.93Q2/3.(d) What are the short run average and marginal cost functions when K=36? Will their graphs be U-shaped? Why?
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