Question: 10.4 Suppose that a firm's fixed proportion production function is given by q= min(5k, 101). a. Calculate the firm's long-run total, average, and marginal cost

10.4 Suppose that a firm's fixed proportion production function is given by q= min(5k, 101).

a. Calculate the firm's long-run total, average, and marginal cost functions.

b. Suppose that k is fixed at 10 in the short run. Calculate the firm's short-run total, average, and marginal cost functions.

c. Suppose 1 and w=3. Calculate this firm's long-run and short-run average and marginal cost curves.

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