Suppose that a firm's production function can be specified as Q = 10KL. Which of the following accurately describes this firm's long run total cost function? а IRTC- 2/

Microeconomics A Contemporary Intro
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ISBN:9781285635101
Author:MCEACHERN
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Chapter7: Production And Cost In The Firm
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7. Suppose that a firm's production function can be specified as Q=10KL. Which of the
following accurately describes this firm's long run total cost function?
a.
LRTC = 20/10K
b.
LRTC =
10L
C.
LRTC = 2
rwQ
10
100
d.
LRTC= 2₁
rw
Transcribed Image Text:7. Suppose that a firm's production function can be specified as Q=10KL. Which of the following accurately describes this firm's long run total cost function? a. LRTC = 20/10K b. LRTC = 10L C. LRTC = 2 rwQ 10 100 d. LRTC= 2₁ rw
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