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Production in the long-runsuppose the production function

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Production in the long-run

Suppose the production function of a typical producer is given as where l is labor and k is capital. The factor prices are w = $1 and r = $48 for labor and capital respectively.

Q = K1/2l1/3

(a) Does this production function exhibit constant, increasing, or decreasing returns to scale? Explain.

(b) Find the marginal product of each factor and the marginal rate of technical substitution.

(c) What is the Örmís optimal long run choice of factors if it is to produce a target level of output at f(l; k) = 32?

(d) What is the minimum cost of producing 32 units of output in the long run?

Reference no: EM13375922

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