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Production in the long-run
Suppose the production function of a typical producer is given as where l is labor and k is capital. The factor prices are w = $1 and r = $48 for labor and capital respectively.
Q = K1/2l1/3
(a) Does this production function exhibit constant, increasing, or decreasing returns to scale? Explain.
(b) Find the marginal product of each factor and the marginal rate of technical substitution.
(c) What is the Örmís optimal long run choice of factors if it is to produce a target level of output at f(l; k) = 32?
(d) What is the minimum cost of producing 32 units of output in the long run?
How will this change the industry output and market share for each company and is there any incentive for any company to cheat under either of the conditions in tasks a and b? Why or why not?
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