What is the long-run average cost

Reference no: EM13184677

A firm has a production function Q=F(K,L) with the constant return to scale, where k is units of capital and L is unites of labour.Imput prices are r=$2 per unit of K and w=$1 per unit of L.When it produces 5 units of output,it uses 2 units of capital and 3 units of labour.When its long run total cost is equal to $70, how much capital and labour it will employ to product how many units of output? What is the long-run average cost

Reference no: EM13184677

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