What is long-run total cost function-average cost function

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Suppose RCA presses records using two inputs, labor (L) and capital (K). Their production function is Q=(1/4)KL. The price of capital is $16 and the price of labor is $36

a) What is RCA’s long-run total cost function?

b) What is RCA’s long-run average cost function?

c) What is RCA’s output elasticity of total cost?

Reference no: EM131007284

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