(See Solution) A firm has the linear production function Q=3 ~L+5 ~K, with M P_L=3, M P_K=5. Derive the expression for the long-run total cost that the


Question: A firm has the linear production function \(\mathrm{Q}=3 \mathrm{~L}+5 \mathrm{~K}\), with \(M P_{L}=3\), \(M P_{K}=5\). Derive the expression for the long-run total cost that the firm incurs, as a function of \(\mathrm{Q}\) and the factor prices, \(w\) and \(r\).

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