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Derive the long run marginal and average cost curves

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Reference no: EM131457124

Good h is produced in Asia. There are 10000 firms producing good h according to the technology described by h=K1/3L2/3, where K is land and L is labor. The unit prices of land and labor are $256 and $1 respectively.

a) Derive the long run marginal and average cost curves for each of these producers. What is the long-run market supply of good h?

Reference no: EM131457124

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