Calculate l-k and total cost in the long term

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1) Let the production function be as follow: ( , )=( ^0.5)( ^0.5)a. Assume q=3000, what should be the optimal L and K. What is total cost of production?

b. Assume that q increases to 5000. Calculate L, K and total cost in the shortterm. Calculate L, K and total cost in the long term.

Reference no: EM133083195

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