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Q. Consider the subsequent production function 2KL=q
a. With w = $20 also r = $40, Find out the cost minimizing input combination to produce 100 units of output.
b. Assume w = $20 also r = $40 as in part (a) but now treat q as a variable. Derive the industry's demand for labor also capital also utilize them to Find out the long run total cost, long run average cost also long run marginal cost as functions of output q.
c. Again let w = $20 also r = $40, but now assume K = 5 in the short run. Derive the short run total cost, short run average cost also short run marginal cost as functions of output q.
d. In the same diagram, draw the graph of short run also long run total cost functions you found in parts (b) also (c). For Illustrate what level of output are the 2 costs the same? Verify your answer also Elucidate how this level of output on the diagram.
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