# W= Continuing to use the three production functions: q = h(K, L) = K(1/3) [(1/3), q=g(K,...

W= Continuing to use the three production functions: q = h(K, L) = K(1/3) [(1/3), q=g(K, L) = min{įK, L}, and q = = f(K, L) = K (1/4) L (3/4). (h) (6 points) What is the Long Run Cost curve for each of these when r = \$4 and \$16? (i) (6 points) What are the Long Run Average Cost here? How about the Marginal Cost? (j) (4 points) Provide a convincing argument that a firm using with h(K, L) or g(K, L) would select K* = 128 in the Long Run given P = \$96, w \$16, and r = \$4. (Hint: for h(K, L) try maximizing profits when K and L are adjustable.)

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