Statistics Solutions

(Solution Library) Suppose that a firm’s production function of output Q is a function of only two inputs, labor (L) and capital (K) and can be written as

Question: Suppose that a firm’s production function of output Q is a function of only two inputs, labor (L) and capital (K) and can be written as

Q = 25LK

Let the wage rate for labor be w = 5 and the rental rate of capital be r = 1. Find the equation for the firm’s long-run total cost curve as a function of quantity Q.

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