A Firm Has a Production Function Given by

question 21

Essay

A firm has a production function given by
. Suppose that each unit of capital costs R and each unit of labor costs W.
a. Derive the long-run demands for capital and labor.
b. Derive the total cost curve.
c. Derive the long-run average and marginal cost curves.
d. How do marginal and average costs change with increases in output? Explain.

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