Question: 8.23. The production function Q ! KL M has marginal products MPK ! L, MPL ! K, and MPM ! 1. The input prices

8.23. The production function Q ! KL " M has marginal products MPK ! L, MPL ! K, and MPM ! 1. The input prices of K, L, and M are 4, 16, and 1, respectively.

The firm is operating in the long run. What is the longrun total cost of producing 400 units of output?

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