b.Write the formulas for, and compute the firm's long run total cost, marginal cost functions TC(q), MC(q) A firm's production is given by f (L,K) =min(3L, 2K), and it faces input prices w =$30/hr and r = $10/hr.

Given; Production function; f(L,K)=16min(3L,2K) Price of labor; w=$30 per hours Price of capital; r=…

Answered: A firm's production is given by f (L,…

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A firm's production is given by f (L, K) = min(3L, 2K), and it faces input prices w = $30/hr and r =

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

b.
Write the formulas for, and compute the firm's long run total cost, marginal cost functions TC(q), MC(q)

A firm's production is given by f (L,K) =
min(3L, 2K), and it faces input prices w =
$30/hr and r = $10/hr.

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