Long-run cost functions, Suppose that Hannah and Sam’s

Long-run cost functions

Reference no: EM13914296

Suppose that Hannah and Sam’s short-run and long-run cost functions are CSR(Q) = 10000+Q2 and CLR(Q) = 200Q. Given these cost function, their marginal cost is MCSR = 2Q, and their long-run marginal cost is MCLR = 200.

(a) What are their long-run supply functions?

(b) What are their short-run supply functions?

Reference no: EM13914296

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