What is the rms long run cost function

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Reference no: EM13816727

Suppose a rm's production function is given by Q = F (L,K ) = 5LK . The wage rate is $100 per unit of labor and the rental rate of capital is $50 per unit of capital.

(a) What is the least-cost combination of capital and labor if the rm produces 1000 units of output?

(b) What is the rm's long run cost function?

Reference no: EM13816727

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