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Q. Let a firm's production function be given by K0.3 L0.7. (i) Sketch (without specific numbers) the shape of the long run average and long-run marginal cost curves of the firm; (ii) in the same graph, please also sketch the firm's short run average and marginal cost curves (when the amount of capital is fixed). Comment on the relationship between the long- and the short-run curves.
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Partner A (50%) Partner B (50%) sharing profits equally New partner introduced $13,000 total cash including $3000 as goodwill which is raised to its full value. Partner C
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