Firm fixed proportion production function

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Reference no: EM131379955

Suppose that a firm’s fixed proportion production function is given by q = min(5k,10l)

A) Calculate the firm’s long-run total, average, and marginal cost functions

B) Suppose that k is fixed at 10 in the short run. Calculate the firm’s short-run total, average and marginal cost functions.

C) Suppose v = 1 and w = 3. Calculate the firm’s long-run and short-run average and marginal cost curves.

Reference no: EM131379955

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