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You have a small business that uses machines (K) and labour (L) to produce output (Q). Your production function is Q = L + 3K. You have to pay w = 2 for every unit of labour and r = 1 for every machine hour.
You aren't sure yet what amount Q you will produce.
(a) Use Cost Minimization to find factor demand functions L?(Q) and K?(Q).
(b) explain what these demand functions represent in this situation
(c) Find the following 3 long-run cost curves: TC(Q), MC(Q), and AC(Q).
(d) Graph the three curves from part (c).
(e) The firm produces Q = 50 units. Find: Total Cost, Marginal Cost, Average Cost, L?, and K?.
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