Determine total cost function-marginal and average cost

Reference no: EM13238635

Suppose production utilizes capital (K) and labor (L) and that production technology is summarized by the following function:q=KL

a)find the cost minimizing input demands when prices of capital and labor are respectively given by r and w.

b)find the (long run)total cost function,marginal and average cost.

c)in two separate graphs,graph the total cost function and the average and marginal cost curves.Assume that w=10 and r=9

Reference no: EM13238635

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