Question: For the production function in exercise 3: a. Find the long-run expansion path. b. Derive the efficient input-usage functions for labor and capital. c. Derive

For the production function in exercise 3:
a. Find the long-run expansion path.
b. Derive the efficient input-usage functions for labor and capital.
c. Derive the long-run cost functions: LTC, LAC, and LMC.
d. Graph the LAC and LMC curves.
e. What level of output is the minimum efficient scale of production (MES)?

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