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QUESTION
The production function is q=2KL. The rental of K is $1, and the wage of L is $1. Draw the long run expansion path. When q=100, what are the values
The production function is q=2√KL. The rental of K is $1, and the wage of L is $1. Draw the long run expansion path. When q=100, what are the values of K and L? The values of total cost and average total cost? How will technical progress to q=25√KL affect the long run expansion path? The total cost of q=100? Average total cost when q=100? Marginal cost when q=100?
