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QUESTION
Assume that a firm's long-run average total cost (ATC) is constant.
1. Assume that a firm's long-run average total cost (ATC) is constant. Which of the following functions, where Q is output; L is labor input; K is capital input, is more likely to represent the firm's production? Please explain briefly about your choice.
(a) Q = f(L,K) = L + K
(b) Q = f(L,K) = L*K
(c) Q = f(L,K) = L2 + K2
